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| Title | Daesung Group, Advances into Chinese Gas Market | 2005.12.21 |
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FROM: South Korean company, Daesung Group (CEO& Chairman, David Young-hoon Kim), which specializes in energy, announced on 20 December that it will be the first Korean firm to invest in China's LNG (liquefied natural gas) market. Daesung Group recently received pre-principle approval from Rizhao, Shangdong province in China to build a 500,000-ton LNG receiving terminal in the city. Daesung Group will invest a total of $30,000,000. When completed, the LNG receiving terminal will provide natural gas to a population that is comparable to the population of Taegu city. The construction will begin in the second half of 2006 and is expected to be completed in 2008. Upon completion, Daesung Group will directly manage the facility, which will provide natural gas on a full scale. SINOPEC Shandong Shinhwa, an affiliate of China's largest petrochemical manufacturer and supplier SINOPEC (China Petroleum and Chemical Corporation), will procure and market the total amount of gas produced during the next 20 years. Rizhao, a port city, is situated in the east coast of China, south of Shandong Peninsula and has a population of 2.8 million. Rizhao can easily be approached by sea to Korea and Japan. Rizhao recently has been enjoying excellent economic and industrial growth and due to this growth spurge, Rizhao city has been struggling to meet the demands for natural gas. This preliminary deal between Daesung Group and Rizhao city is considered to be the first venture by a Korean company to expand into China's gas market. Further to the construction of the LNG terminal in Rizhao, Daesung Group's will promote extending into large-scale energy sector in China's eastern regions. Followed by the successful entrance into Mongolia with solar energy, wind power, new and renewable energy at the head of launching children's garment industry "OURQ" in China, this preliminary deal in Rizhao will strengthen Daesung Group's aim to become world leader in energy industry. CEO Kim said, "Korea's advancement in China's LNG sector is significant as it signifies that Korea will enter into the heart of China's LNG marketing structure. It is expected that the demand for LNG supply will increase, in China China's LNG terminal construction will become the touchstone of not only Daesung, but also other energy enterprisers, for the entry into China." |
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| NO | Title | Date |
|---|---|---|
| 32 | Daesung Group, Advances into Chines... | 2005.12.21 |
| 31 | [Speech] Energy Security and the Wo... | 2005.11.21 |
| 30 | [Speech] Introductory Speech of Pri... | 2005.11.20 |
| 29 | [Speech] Welcome Remarks by Mr. Dav... | 2005.11.20 |
| 28 | APEC Business Advisory Council, Ann... | 2005.11.10 |
