US Proposes S. Korea Investment in Texas Petrochem: JoongAng

The US has proposed investing in the petrochemical industry in central states such as Texas and Louisiana as the first phase of South Korea’s $350b investment pledge, JoongAng Ilbo newspaper reports, citing an unidentified South Korean government official.

• The project would use shale gas produced in the US to manufacture a range of petrochemical products
• Rather than building new infrastructure, South Korea would acquire stakes in existing projects currently held by private equity funds
• South Korean government begins a working-level review of the US proposal; through its internal committee, it plans to assess the project’s feasibility and convey its views ...