Korean petrochemical firms to invest 14.4 tln won in facilities by 2012

SEOUL, Jan. 15 (Yonhap) -- South Korea's petrochemical manufacturers plan to
invest 14.4 trillion won (US$12.8 billion) into facilities over the next three
years to strengthen their global competitiveness, the government said Friday.

The Ministry of Knowledge Economy said the investment goal outlined at a New
Year's gathering of local companies aims to strengthen core capabilities and
boost exports in the face of stiff competition from foreign rivals.
It also said upgrading the industry's infrastructure to raise energy efficiency
is necessary to pursue the country's goal of low-carbon green growth and lower
greenhouse gas emissions.
Petrochemicals, one of the largest users of fossil fuels, are responsible for
releasing large quantities of greenhouse gases into the atmosphere.
For 2010, companies said they plan to spend 4.7 trillion won on facility
investments and export $29.7 billion worth of goods for a trade surplus of $19.7
billion.
In 2011, investment will be increased to 5.9 trillion won, they said.
yonngong@yna.co.kr
(END)

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