Aug. 24, 2004

Toyo Engineering Corporation (TOYO), jointly with its Korean subsidiary company Toyo Engineering Korea Limited (Toyo Korea), has been awarded by Korea Petrochemical Industry Co., Ltd. (KPIC) a contract to build a plant for producing propylene at 110,000 tons per year. The plant will employ the Olefins Conversion Technology (OCT) process for increasing propylene production, licensed by ABB Lummus Global Inc. (LGI).

With this plant, KPIC intends to produce propylene, which is presently outsourced as the feedstock for polypropylene. TOYO and Toyo Korea undertake the detail design based on LGI' basic design, procurement of equipment and materials as well as plant construction. The plant is to start operation at the end of 2005.

The "OCT Process" is the world's single commercially proven process and is superior in terms of investment efficiency. To meet the increasing market demand for propylene, TOYO has been actively marketing the OCT both in Japan and overseas under the technical tie-up with LGI for many years. TOYO has won three OCT plant contracts, including this KPIC project, which is the first OCT experience for TOYO outside Japan. Considering the growing demand for the plant for increasing propylene production in Korea and other Asian regions, TOYO will continuously deploy marketing efforts for OCT.

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