01/29/2014

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KOREA (SOUTH): SK Incheon's PX project threatened

The city of Incheon said it would notify SKIPC to halt construction on the basis that SKIPC has built the facility in a larger area than previously permitted by city authorities and has violated the city's building codes in several instances.

The 1.6-trillion won project, which was expected to be completed in the second half of this year, is about 90 % complete and would incur a loss of about 54-billion won a month if construction is halted. "The losses will snowball if the construction is delayed for more than a month," reported the Korea Herald, quoting Jung Young-joon of SK Innovation.

SKIPC was created last year by SK Innovation "to combat the rapidly changing global business environment" and "tap the Chinese petrochemical market by attracting foreign capital," SK Innovation said at the time.

Source: Weekly "PetroChemical News", Durham, NC, USA; 13 Jan 2014
(Syed Rashid Ali, Karachi, Pakistan)

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