S Korea's Hanwha Total Eyes Iranian Condensate Amid Booming Ties



Since its foundation in 1952, Hanwha has played a pivotal role in Korea's economic growth. As stated by the court, "it is clear that these parties did not enter into a final contract until they agreed to the final terms embodied in the contract documents, and not when they agreed plaintiff's bids on product, quantity, and price". This project is part of our strategy to invest in world-class integrated platforms to develop petrochemicals based on competitive feedstock and targeting high-growth markets.

South Korea's Hanwha Total Petrochemicals is considering buying more condensate from Iran to ease its reliance on Qatar and benefit from Iran's post-sanctions era, a company source said Tuesday. Hanwha established Kyung-in Energy and started the oil refining business in 1970.

Hanwha Group's business interests span the gamut, from hotels to a professional baseball team, but five form the core - defense, petrochemicals, solar energy, finance and retail. The company was founded in 1988 and is headquartered in Seosan, South Korea. A recent capital investment of $1.8 billion has seen the Daesan refining and petrochemical complex further expand its activities by doubling its production capacity.

From January 2003 to April 2009, Cedar, a New York corporation, and Hanwha, a Korean corporation, entered into twenty discrete transactions for the purchase and sale of various petrochemicals. In the digital optics business, Samsung Techwin created a foundation to grow as an internationally known company based on accumulated optics technology.

Through its global network encompassing 51 domestic affiliates and 113 overseas branches, Hanwha Group offers innovative products and services for creating customer value that goes beyond mere customer hanwha satisfaction. South Korea's President Park Geun-Hye is on a state visit to Tehran this week, accompanied by a delegation of CEOs from the country's major companies.

The package of documents contained two items: (i) a "contract sheet" that embodied the terms of the firm bid and a choice of law to govern the contract, and (ii) a set of "standard" terms and conditions incorporated by reference in the contract sheet.

Hanwha Group, South Korea's 10th-largest conglomerate, said in a separate statement the acquisitions would boost its petrochemicals and defence-related businesses. The complaint arises from the parties' disagreement about the choice of law to govern their contract for the sale and purchase of an amount of the petrochemical Toluene.

As per usual, Cedar provided in the contract sheet that New York law, the UCC, and Incoterms 2000 would govern the contract, and also provided in the standard terms and conditions that New York law would govern. Daesan is one of Total's six world-class integrated platforms and a strategic asset for Hanwha.

The additional ethylene production will meet local demand and also supply the nearby fast-growing Chinese market which imports a significant part of its ethylene requirements,” Total said in a statement. Since its founding in 1988, Hanwha TOTAL Petrochemical has tirelessly led South Korea's petrochemical industry with technology innovations and global expansion.

Rather, the course of dealing between the parties makes clear that neither party was to be bound until they agreed on other material terms and conditions, namely the choice of law and forum-disputes provisions. "The deal shows Samsung is determined to shed non-core units deemed not competitive enough globally and to focus on key businesses like electronics, finances, construction, and engineering," Kim said.

Through its global network encompassing 51 domestic affiliates and 113 overseas branches, Hanwha Group offers innovative products and services for creating customer value that goes beyond mere customer satisfaction. South Korea's President Park Geun-Hye is on a state visit to Tehran this week, accompanied by a delegation of CEOs from the country's major companies.

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