Petrochem makers in South Korea to invest US$6.7 bln in 2012 on facility upgrades

South Korea's petrochemical makers plan to invest Won 7.5 trillion (US$6.7 bln) in 2012 on upgrade and expansion of production facilities, up 2.7% from estimated investments of Won 7.3 trillion last year, the Korea Petrochemical Industry Association said Thursday. The expected 2012 investment figure will be a record high, said KPIA, but it noted that the growth in investment will be slower this year compared with an estimated 28.1% rise in spending last year. The industry group also said South Korean petrochemical companies are planning to export US$47.5 bln worth of product in 2012, up 4.4% from estimated exports of US$45.5 bln last year. Meanwhile, South Korea is expected to import US$18.5 bln worth of petrochemical products this year, up 8.8% from an estimated US$17 bln in 2011.
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