The Commerce Ministry of South Korea has signed a memorandum of understanding (MOU) with Mitsubishi Rayon Company of Japan and BASF Korea, the South Korean subsidiary of German Chemical Company BASF AG, to jointly invest US$100 million in South Korea. According to the MOU, Mitsubishi Rayon will spend $53 million to establish a joint venture with Honam Petrochemical Corporation of South Korea to produce chemicals. The joint venture will be named Daesan MMA, and will have two factories built in Daesan, South Chungcheong Province, by 2008.
BASF Korea will invest $48 million to build a plant in Gunsan, 274 kms southeast of Seoul.
13-Jun-06 
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