Ministry of Industry Launches Petrochemical Investment Support Task Force

On the 8th, the Ministry of Trade, Industry and Energy announced the launch of the 'Petrochemical Investment Support Task Force (TF)' in Ulsan, attended by related organizations and companies including Ulsan Metropolitan City, the Korea Petrochemical Industry Association, the Korea Industrial Complex Corporation, S-Oil, and SK Geocentric.

This TF will monitor the investment progress of the major domestic petrochemical projects, 'Shahin' and 'ARC,' and provide close support for any difficulties encountered during the process. S-Oil and SK Geocentric are carrying out the Shahin project worth 9.3 trillion KRW and the ARC project worth 1.8 trillion KRW, respectively, in Ulsan.

Yoon Seong-hyeok, Director of Industrial Supply Chain Policy, stated, "The Shahin project symbolizes Korea-Saudi economic cooperation, and the ARC project is a representative initiative for realizing a circular economy in the domestic petrochemical industry. Through this TF, we will actively support corporate investments," and urged companies to "ensure thorough safety management during construction."

Ulsan Metropolitan City announced that it will systematically promote corporate support and regulatory improvements for the petrochemical industry in cooperation with the Ministry of Trade, Industry and Energy.

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