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Chungnam attracted USD 100 mn from China's power company

According to Yonhap News,

(HONGSEONG=Yonhap News) Chungnam province succeeded in attracting USD 100 million from China .

On August 19, the province announced that Chungnam governor Yang and Seosan mayor Maeng, on a visit to China for foreign investment attraction, signed an investment agreement worth USD 100 million with CGN Daesan Power in ShenZhen, Guangdong.

CGN Daesan Power is a power company funded by CGNPC, Chinese national corporation which pushes for establishment of LNG plant on 134,308 sq. meters site within Daesan Oil Chemical Complex in Seosan.

This agreement comes as CGNPC decided to expand the site for LGN plant by 18,800 sq. meters and increase capacity of the plant.

Chungnam expects that, if CGNPC investment is implemented as planned, there will be sales generation of KRW 3.5 trillion over the next five years, annual employment of 200,000 construction workers, KRW 5 trillion induced production, creation of KRW 5 trillion in added-value, and KRW 3 billion annual local tax increase.

Governor Yang said, "Chungnam is the closest province in Korea, geographically, to China, while Daesan is one of Korea's largest petrochemical complex," adding that "This investment will provide a basis for electricity supply required for large-scale investment in a planned Daesan high-tech complex, and stabilization of electricity supply for Daesan Complex, leading the development of petrochemical industry, one of Chungnam's leading industries."

CGNPC, established in 1994, has about 40,000 employees, and operates nuclear power, wind power, solar power, and gas complex plants around the world.

The total capacity of CGNPC plants is 61,730MW, 50 percent of total capacity of Korea's total plants.

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Source Text

Source: Yonhap News (August 19, 2019)

** This article was translated from Korean.


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