ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan City announced on November 1 that Song Cheol-ho, the Mayor of Ulsan signed an MOU on additional investment in manufacturing plant with the global chemical company, BP Group at the Headquarters in the U.K.

BP Group will spend KRW 200 billion by 2020 to establish additional plant that produces acetate and vinyl acetate through Lotte BP Chemicals on a land of 28,000 ㎡ around Sanggae-ro, Cheongryang-eup, Ulju-gun.

The city is expecting to see economic effects, including direct and indirect production effect of KRW 600 billion, direct employment of 50 people, indirect employment of 300 workers per day during the construction phase.

"I am pleased to see the fruits of expectation and hopes that Ulsan, BP Group and Lotte Group have been building for the last two years," said Song. He also noted, "We will provide active support and cooperate so that Ulsan will fulfill everyone's constant faith and expectation.

"The expansion of Ulsan plant provided a platform to Lotte BP Chemicals to take a leap forward," said Nigel Dunn, Vice President of global Acetyls at BP. "We ask for support and cooperation during the plant expansion procedure."

BP Group is one of the biggest gas companies and is the largest in the U.K. It recorded sales of KRW 245 trillion last year.

The delegation led by the Mayor visited Genomics England in advance to the signing ceremony to make consultation on precision medical industry based on genome and discussed on the ripple effect of genome industry and the role of governments when implementing the projects.

canto@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (November 1, 2018)