Jan 14, 2010 (AsiaPulse via COMTEX)
Korean
petrochemical companies to invest US$12 billion in facilities
South Korea's petrochemical manufacturers plan to invest 14.4
trillion won (US$12.8 billion) into facilities over the next
three years to strengthen their global competitiveness, industry
officials said Friday.
The Korea Petrochemical Industry Association (KPIA) outlined the
plan in their New Year's meeting. Some of the manufacturers said
they will invest in reducing their environmental impact.
The petrochemical industry is one of the largest users of fossil
fuels, responsible for releasing large quantities of greenhouse
gases into the atmosphere.
For 2010, the companies plan to spend 4.7 trillion won on
facility investments. They also raised their target for this
year's trade surplus from 19.7 billion won to 29.7 billion, and
said they would boost total investment to 5.9 trillion won next
year.
Yeochun
NCC Co. said
it will invest 2.7 trillion won in expanding its ethylene plant,
while
LG Chem, the
nation's leading chemical producer, plans to spend 1 trillion won
on lithium-ion battery production.
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Hanwha
Chemical Corp.,
a unit of the South Korean family-run conglomerate Hanwha Group,
will spend 9 billion won to make solar batteries and solar
modules.
SK
Energy Co.,
a unit of SK Group, said it will fully relocate the headquarters
of its petrochemical division to Shanghai by 2015. SK reported
annual sales of 10.36 trillion won in its petrochemical division
last year.
1 trillion won = 800ญ~
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2010/1/16
SK Energy eyeing China
SK Energy Co., Koreafs biggest oil refiner, said it started moving the headquarters of its chemicals operations to Shanghai earlier this month as part of a plan to expand its overseas business.
The company is also considering spinning off the division, Kim Yong-heum, head of chemicals at SK Energy, told reporters in Seoul yesterday, though he did not provide details.
Korean firms are expanding capacity in China, where economic growth is spurring demand for chemicals.SK Energy is joining China Petroleum & Chemical Corp. to build an ethylene plant in the central Hubei Province.
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LG Chem Ltd., the countryfs biggest chemical maker, said in July it will jointly invest $370 million with the China National Offshore Oil Corporation to build a petrochemical plant in South China.
China, which is adjacent to Korea, is an ideal place for the companyfs globalization strategy, Kim said. Petrochemical accounted for 30 percent of SK Energyfs revenue in the third quarter of last year. Currently, about 1,100 employees work at the companyfs petrochemical division.
SK Energy posted 10.36 trillion won ($9.2 billion) in sales by the chemical division at the end of 2008, accounting for 22.6 percent of the companyfs revenue.
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