The CEOs of Hanwha Business Group’s subsidiaries have joined the group’s working moms in conducting a volunteering activity at a welfare facility accommodating children of low-income families in Eungam-dong, Seoul, on Jan. 22.
Nine CEOs and the business group’s 70 working moms visited the Dream Tree Village, made foods for the children, and took time out to play traditional Korean games with them prior to the Lunar New Year, or Seolnal, which falls on Jan. 31.
The participants included Hanwha L&C President Kim Chang-beom; Hanwha Asset Management President Kang Shin-woo; Hanwha Gallery President Park Se-hoon; Hanwha 63 City President Lee Yul-guk; Hanwha Investment & Securities Co. President Joo Jin-hyung; Hanwha S&C President Jin Hwa-geun; Hanwha Investment President Han Woo-jae; Hancom President Choi Kyu-hyun; and Dreampharma President Chung Yoon-hwan.
The CEOs also discussed with the working mom-cum employees the difficulties they experience while working.
Hanwha Chemical’s Petrochemical Project in Iraq
Hanwha Chemical Corp. plans to undertake an estimated 4 trillion won petrochemical plant complex project in Iraq, capping Hanwha Business Group’s significant presence in Iraq following the group’s construction & engineering unit’s ongoing Bismayah City project.
Hanwha Chemical has signed a letter of intent to construct an ethylene cracking center and a plant to manufacture petrochemical products in Iraq.
Hanwha Chemical President Bang Han-hong and Iraqi Deputy Minister of Industry Mohammad Zain signed the deal at the Hanwha Group headquarters in Janggyo-dong, downtown Seoul, on Dec. 19. 2013.
Hanwha Chemical said it will build an industrial complex that will accommodate an ethylene and natural gas cracking center with a capacity of 1 million tons and a plant producing petrochemicals using ethylene yonder, valued at $4 billion.
Hanwha Chemical’s entry into Iraq is part of its strategy to secure ethylene-based materials at lower prices, the company said. Low-priced ethylene-based produce from the Middle East and North America has left Korean petrochemical companies’ products unfavorable due to a decline in their competitive edge.
Korean petrochemical companies are scrambling to make joint investments overseas to renew its competitive edge. For example, LG Petrochemical is undertaking a $4.2 billion ethylene cracker center project in Kazakhstan.
Hanwha Chemical’s signing of the ethylene and natural gas processing complex agreement is given credit for the group’s gaining trust from the Iraqi government in connection with its undertaking of the Bismayah city project.
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