NEWS
Gwangyang Concludes Agreement with Chinese Graphite Joint Venture
Writer
administ
Posted at
2014-01-06
The city of Gwangyang concluded a memorandum of understanding (MOU) with soft charcoal electrode joint venture by three Chinese companies on 16 December. The city aims to develop the carbon product industry as its new growth engine.
According to an announcement by the city, the joint venture entered into a technical partnership with Japan’s Tokai Carbon and will invest a total of USD 10 million in Gwangyang port. It expects to establish the Korean body and complete its plant construction project during the first half of 2014.
Graphite is widely used in various industries from steel, automobile, lithium to solar cell productions. Korea depends on imports for the graphite and annual domestic demand reaches about 100,000 tons.
The joint venture is expected to produce 12,000 tons of graphite annually and it will generate sales revenue of USD 42 million and 70 employment opportunities.
It will also become a stable supplier of the graphite cathode material, which is used in producing lithium battery for cars, to the domestic companies including LG Chemical and Hyundai Motor.
“There will be no impact on the environment as the plant will use the electric furnace for production. The MOU will increase the cargo volume of the port by encouraging the imports of raw material from China and export the finished goods to the United States, EU and India,” said an official of Gwangyang.
According to an announcement by the city, the joint venture entered into a technical partnership with Japan’s Tokai Carbon and will invest a total of USD 10 million in Gwangyang port. It expects to establish the Korean body and complete its plant construction project during the first half of 2014.
Graphite is widely used in various industries from steel, automobile, lithium to solar cell productions. Korea depends on imports for the graphite and annual domestic demand reaches about 100,000 tons.
The joint venture is expected to produce 12,000 tons of graphite annually and it will generate sales revenue of USD 42 million and 70 employment opportunities.
It will also become a stable supplier of the graphite cathode material, which is used in producing lithium battery for cars, to the domestic companies including LG Chemical and Hyundai Motor.
“There will be no impact on the environment as the plant will use the electric furnace for production. The MOU will increase the cargo volume of the port by encouraging the imports of raw material from China and export the finished goods to the United States, EU and India,” said an official of Gwangyang.