South Korea based LG Chem has scrapped its petrochemical project in Kazakhstan. The petrochemical complex would incurred an investment of around 2.4 billion dollar. The reason behind this cancellation has been huge cost coupled with continuous deflating of oil values. Earlier the plant was planned to be built in the west city of Kazakhstan at Atyrau city. The joint-venture planned to build a chemical facility which would have housed ethylene and polyethylene plants with annual capacities of 840,000t and 800,000t respectively.
