SDIA Signs 2 Trillion Won in Investment Contracts

The Saemangeum Development and Investment Agency (SDIA) succeeded in attracting investments of approximately 2 trillion won (US$1.7 billion) for the Saemangeum Industrial Complex. The amount of investment is about seven times that of the investment agreement signed five months ago between the SDIA and a Chinese photovoltaic equipment manufacturer.

The SDIA announced on Nov. 9 that it holds an IR session for the second half of this year on Nov. 10 at the Saemangeum Convention Center located in Gunsan City, North Jeolla Province and concludes an MOU with a consortium led by GreatPoint Energy, a Chicago-based energy company. The purpose of the MOU is to build new and renewable energy facilities in the industrial complex.

GreatPoint Energy is a venture firm set up by the Wanxiang Group of China and Dow Chemical at an investment of US$550 million and in possession of 70 or so patents relating to synthetic natural gas (SNG). The consortium is planning to invest 1.5 trillion won (US$1.3 billion) in the Saemangeum Industrial Complex to build SNG production facilities with an annual capacity of approximately 1.4 billion Nm³ between next year and 2019. According to the agency, 400 jobs are expected to be created and the facilities are expected to take the place of at least 1.2 million tons of imported LNG a year, once the construction of the plant is completed.

The agency signs another MOU for marine leisure and tourism complex construction with a consortium formed by five companies, including Ilsung Construction. According to the agreement, the consortium invests a total of 500 billion won (US$432 million) between next year and 2022 in order to build marinas, hotels, resorts and water parks.