Yeosu National Industrial Complex, 750 Billion KRW Investment Agreement

Boim E&S, Kumho Petrochemical, K&NH, etc.

Job Creation? Expectations for Regional Economic Revitalization

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced on the 20th that it has signed agreements worth approximately 750 billion KRW with Boim E&S Co., Ltd., Kumho Petrochemical Co., Ltd., and K& H Special Gas Co., Ltd. for investments in power generation and production facilities within the national industrial complex.

According to the city, the signing ceremony was held at the Grand Hyatt Seoul Hotel on the same day, attended by about 150 people including Kim Young-rok, Governor of Jeollanam-do, Kim Jong-gi, Deputy Mayor of Yeosu, Han Moon-seon, Chairman of Boim Group, Kim Tae-hyung, CEO of Boim E&S Co., Ltd., and Baek Jong-hoon, CEO of Kumho Petrochemical Co., Ltd., along with an investment attraction briefing session for the metropolitan area.

[Photo by Yeosu City]

According to the agreement, Boim E&S Co., Ltd., an affiliate of Boim Group, plans to invest a total of 700 billion KRW by 2031 in phases to build and expand related facilities to produce eco-friendly electricity by importing overseas clean ammonia in response to the government's carbon neutrality goals and the energy crisis.

Kumho Petrochemical Co., Ltd. plans to expand its carbon dioxide capture facilities at the power plant within the national industrial complex by 32 billion KRW by 2026, while K& H Special Gas Co., Ltd. plans to establish new manufacturing facilities worth 17 billion KRW by 2025 to produce and store liquefied carbon dioxide using the carbon dioxide gas supplied from Kumho Petrochemical.

Yeosu City expects this investment to create over 200 jobs and revitalize the local economy, and plans to actively provide administrative support to ensure smooth progress of the investments.

Han Moon-seon, Chairman of Boim Group, expressed his ambition, stating, “Boim Group, based in Yeosu, aims to become a symbol and mecca of the hydrogen industry and hydrogen economy through the world’s first clean hydrogen combustion power generation project.”

Baek Jong-hoon, CEO of Kumho Petrochemical, and Jang Gap-jong, CEO of K& H Special Gas Co., Ltd., said, “This project is an investment directly reducing greenhouse gases, serving as a foundation for realizing ESG management and securing CO2 conversion technology. We will also do our best to strengthen industrial competitiveness, fulfill corporate social responsibility, promote regional development, and support the co-growth of partner companies.”

Jeong Gi-myeong, Mayor of Yeosu, stated, “This investment is expected to create more than 200 jobs,” and added, “The city will actively support the invested companies to become global leaders in their respective fields.” He continued, “We will continue to attract new industries to secure new growth engines for the regional industry and establish Yeosu as a hub city in the southern coast and southern central region.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr