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Korean govt to upgrade Daesan petrochemical complex

2018.02.06 14:25:02 | 2018.02.06 14:25:36
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Daesan petrochemical complex

Daesan petrochemical complex

The South Korean government will upgrade the petrochemical complex in Daesan, South Chungcheong Province, to create a new chemical industry specialized zone commanding an area of 2 million square meters.

The Ministry of Trade, Industry and Energy announced Tuesday that it will foster the Daesan industrial complex as the country’s leading cluster dedicated to advanced petrochemical technology. “We will create an ecosystem where chemical firms large and small could strengthen cooperation,” the ministry added.

The Daesan chemical complex located in Seosan is home to the nation’s petrochemical giants like Lotte Chemical and Hanwha Total. They have been unable to expand their facilities due to many issues like land shortage and water and power problems. With the government support, chemical companies are expected to ramp up their investment in the complex. Lotte Chemical already announced that it will inject 3 trillion won ($2.7 billion) and hire 870 people.

According to a study conducted by the government, chemical companies are expected to invest up to a total of 10 trillion won in the Daesan complex. The government also decided to support chemical companies in Ulsan petrochemical complex, South Gyeongsang Province, to change aging facilities and develop high value-added materials for automobile and shipbuilding industries.

By Ko Jae-man and Choi Mira

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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