South Korea's petrochemical makers plan to invest Won 7.5 trillion ($6.7 billion) this year on the upgrading and expansion of their 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 $47.5 billion worth of product in 2012, up 4.4% from estimated exports of $45.5 billion last year.
Meanwhile, South Korea is expected to import $18.5 billion worth of petrochemical products this year, up 8.8% from an estimated $17 billion in 2011, it added.
When contacted, an official from KPIA declined to reveal details of each company's investment plans, saying that the individual companies would unveil their plans in investor relations sessions in the coming weeks.
LG Chem, South Korea's largest chemicals maker, is scheduled to hold its investor relations session on January 31, during which the company will announce its 2011 earnings results. This will be followed by sessions from SK Global Chemical and S-Oil.
