ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan Metropolitan City concluded a memorandum of understanding with Air Products,  a world-leading industrial gas supplier, to expand the company's manufacturing facility in Onsan, Ulju County, Ulsan City. 

A team of Ulsan officials led by the city Mayor Kim Gi-hyeon signed the MOU at the company's headquarters located in Pennsylvania, U.S. on October 25, 2016. Around 20 representatives attended the signing ceremony including Air Products CEO Seifi Ghasemi, Executive Vice President Corning F. Painter, Korean Branch President Kim Kyo-young.

Following the MOU, the U.S. company will invest KRW 85 billion to expand its existing plant for production of industrial gases including nitrogen, oxygen and argon.

The company has invested a total of KRW 200 billion and set up 2 business sites and five plants in Ulsan.

Industrial gases produced here are being supplied to around 60 oil refiners, petrochemical companies, and nonferrous metal producers in Ulsan.

Air Products Korea has its headquarters in Seoul and operates ten plants nationwide.

Ulsan expects investment from the global industrial gas supplier will generate direct and indirect production inducement effect worth KRW 150 billion on an annual average basis, boosting both front-end and back-end industries in the region.

Since last June, Ulsan has been in close talks with the representatives of the U.S. firm for detailed investment plan. The two parties signed a Letter of Intent for strategic investment of industrial gas in July.

The city will designate the plant site as a foreign investment zone to provide tax benefits. It has also pledged to fully support administrative procedures.

leeyoo@yna.co.kr

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