ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) A delegation of officials traveling overseas to promote investment in Ulsan is striking multiple deals with foreign investors. 

Ulsan Metropolitan City announced that the city government signed a Letter of Intent (LOI) for investment in downstream petrochemical business with Korea's SK Advanced and Kuwait's Petrochemical Industries Company (PIC). The downstream business refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas.

The signing ceremony was held in the headquarters of Kuwait Petroleum Corporation (KPC), mother company of PIC, in the presence of Ulsan Mayor Kim Gi-hyeon, KPC Chief Executive Nizar M. Al-Adsani, PIC CEO Mohammed Al Farhoud, SK Advanced CEO Kim Chul-jin, Korea's ambassador to Kuwait Yoo Yeon-cheol, and officials from the Korea Trade-Investment Promotion Agency.

Following the LOI, SK Advanced and PIC will jointly carry out strategic investment in the petrochemical downstream business while Ulsan will provide support for the business execution.

Two companies and Ulsan will work together from the initial stage to seek ways to offer customized support in each stages.

Ulsan earlier visited Saudi Arabia's Advanced Petrochemical Co. (APC) with SK Gas in October 2014 and won a joint investment project worth KRW 1 trillion.

The city additionally attracted investment of USD 90 million in January by forging strategic investment cooperation partnership for propane dehydrogenation business with SK Gas and Kuwait's PIC.

Ulsan has raised USD 3.3 billion in foreign investment over the last two years. The amount accounts for 45% of the total foreign investment accumulated since 1962.

Investment from Saudi Arabia and Kuwait takes up the majority with USD 3 billion, indicating that investment from the Middle East is a new driver of the regional economic growth.

leeyoo@yna.co.kr

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