Bang Han-hong, president of KPIA and Hanwha Chemical, announced at the “Korea China Petrochemical Conference” held on September 25 in Xi’an city in Shaanxi, China that, “With the recent changes in the market due to North American shale gas based low price products, we must come up with solutions for new base material diversification and measures for symbiosis,” and added, “We must take full advantage of this opportunity because not only Xi’an but also Chongqing and Chengdu are central cities to western development, and with the right investment cooperation from both countries, have more than enough potential to become the next leader in the petrochemical industry.”
This conference is a biannual event hosted by Korea and China on rotation, where major petrochemical companies from both countries participate. This year was the 12th conference to be hosted. Leaders of petrochemical companies from both countries, including Bang, discussed issues such as the rise of shale gas, strategies for investments and business expansions in China especially with the Korea China FTA in progress, petrochemical development and future outlook, and solutions to shale gas domination.
Bang suggested, “Korea and China must create an active environment for trade through joint investments and specialization structures, using the cheap logistics cost between the two countries” as a way of vitalizing the western Chinese region.
About 10 CEOs and executive directors of domestic petrochemical companies, including CEO Park Jong-gook of Yeocheon NCC, CEO Jung You-sung of Samsung Petrochemical, and CEO Son Seok-won of Samsung Total, participated in this conference.