Chungnam, Hyundai Oilbank Attracts 2.8 Trillion Won Investment... New Factory Established in Daesan Complex
[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province has successfully attracted an investment worth 2.8 trillion KRW from Hyundai Oilbank.
On the 22nd, Chungnam Governor Yang Seung-jo, Hyundai Oilbank CEO Kang Dal-ho, and Seosan Mayor Maeng Jeong-ho met at Hyundai Oilbank's Daesan Plant in Daesan-eup, Seosan City, to sign an investment agreement regarding the expansion of the petrochemical production plant.
The agreement primarily involves Hyundai Oilbank establishing a new petrochemical plant based on petroleum refining by-products on a 672,528㎡ (200,000 pyeong) site in the Hyundai Daejuk 1 Industrial Complex through its subsidiary Hyundai Chemical. The company plans to invest 2.7 trillion KRW in this project.
Separately, the province and Hyundai Oilbank also agreed to purchase an additional 826,976㎡ (250,000 pyeong) of public waters in the Hyundai Daejuk 2 Industrial Complex to create a new industrial complex site, as included in the agreement.
The budget for this project is 190 billion KRW, and Hyundai Oilbank plans to concretize utilization plans for the new industrial complex site to lead future energy industries such as ethylene and propylene derivatives, high value-added lubricating base oils, and hydrogen production.
The province expects that if the 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 is anticipated that about 1,000 new jobs will be created due to increased production.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Contracts Signed Without Viewing at 1.6 Billion Won"... Jamsil and Seongbuk Jeonse Prices Jump 200 Million Won in a Month [Real Estate AtoZ]
- [Breaking] Blue House expresses "deep regret over Samsung negotiation breakdown... urges both sides to do their best for a final agreement"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
Chungnam Governor Yang Seung-jo stated, “The province will spare no support to successfully develop the new industrial complex through this agreement,” adding, “We hope this will serve as a good example for companies to overcome the global economic downturn and establish themselves as leaders in the domestic petrochemical industry.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
