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

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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, industry officials said Friday.

The Korea Petrochemical Industry Association (KPIA) outlined the plan in their
New Year's meeting. Some of the manufacturers said they will invest in reducing
their environmental impact.
The petrochemical industry is one of the largest users of fossil fuels,
responsible for releasing large quantities of greenhouse gases into the
atmosphere.
For 2010, the companies plan to spend 4.7 trillion won on facility investments.
They also raised their target for this year's trade surplus from 19.7 billion won
to 29.7 billion, and said they would boost total investment to 5.9 trillion won
next year.
Yeochun NCC Co. said it will invest 2.7 trillion won in expanding its ethylene
plant, while LG Chem, the nation's leading chemical producer, plans to spend 1
trillion won on lithium-ion battery production.
Hanwha Chemical Corp., a unit of the South Korean family-run conglomerate Hanwha
Group, will spend 9 billion won to make solar batteries and solar modules.
SK Energy Co., a unit of SK Group, said it will fully relocate the headquarters
of its petrochemical division to Shanghai by 2015. SK reported annual sales of
10.36 trillion won in its petrochemical division last year.
ygkim@yna.co.kr
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