Hyundai Oilbank to Invest Approximately 3 Trillion Won in Seosan... Expected to Create 1,000 Jobs

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Oilbank will invest 2.89 trillion KRW to build a new factory in Seosan, Chungnam.

Chungnam Province, Seosan City, and Hyundai Oilbank signed an investment agreement on the 22nd for the construction of a petrochemical plant.

Hyundai Oilbank, through its subsidiary Hyundai Chemical, will invest 2.7 trillion KRW by next year to establish a petrochemical plant based on refining by-products on a 672,528㎡ site in the Daejuk 1 Industrial Complex in Seosan. The new plant is expected to produce 750,000 tons of polyethylene and 400,000 tons of polypropylene annually.

Hyundai Oilbank also plans to invest 190 billion KRW to reclaim additional shared waters around the new plant to create the Daejuk 2 General Industrial Complex (826,976㎡).

Chungnam Province expects that if this investment proceeds as planned, it will generate an annual production effect of 1.5 trillion KRW and a value-added effect of 240 billion KRW. In particular, it anticipates the creation of 1,000 new jobs.

This content was produced with the assistance of AI translation services.