SEJONG, Sept. 14 (Korea Bizwire) — South Korea’s major chemical companies will join forces to invest 10 trillion won (US$8.84 billion) in upgrading an industrial complex on the west coast, the government said Thursday.
Lotte Chemical Corp., S-Oil Corp. and Hanwha Total Petrochemical Co. signed a memorandum of understanding with the provincial government for the investment in the Daesan Petrochemical Complex, according to the Ministry of Trade, Industry and Energy.
The complex, 130 kilometers southwest of Seoul, is home to around 50 chemical firms.
The government expects the massive investment to help the Daesan complex become an industrial cluster for advanced petrochemical technology.
“The upgraded Daesan Petrochemical Complex will contribute to creating jobs and expanding higher value-added chemical products,” Industry Minister Paik Un-gyu said in a breakfast meeting with businesspeople in Seoul. “The government will make efforts to provide better infrastructure for the region.”