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The Middle East Eyes on Ulsan

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan City signed a memorandum of understanding on January 20 with Kuwait's Petrochemical Industries Company (PIC) and SK Gas for strategic investment cooperation.

PIC and SK Gas agreed to jointly invest USD 100 million in a PDH (Propane DeHydrogenation) plant in Ulsan, which is under construction.

Ulsan has attracted USD 3.3 billion of foreign investment over the last two years, which is a record high. The amount accounts for 45 percent of the total foreign investment of USD 7.2 billion since 1962.

The foreign investment from the Middle East reached USD 3 billion including USD 1.8 billion from Saudi Aramco, USD 850 million from SABIC, USD 137 million from APC and USD 100 million from PIC.

"We appreciate the large-scale investment from PIC and SK Gas amidst the global economic recession. We hope the PIC investment will bring tangible results,"said Ulsan City Mayor Kim Gi-hyeon.

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Source Text

Source: Yonhap News (Jan. 20, 2016)

** This article was translated from the Korean.