Petrochemical industry invests W320b in safety this year

South Korea's petrochemical industry has invested a total of 320 billion won ($212 million) this year in replacing aging equipment and purchasing safety gear, the Ministry of Trade, Industry and Energy said.

The ministry held a roundtable with petrochemical industry representatives Friday to review safety management conditions. The meeting was organized to assess whether on-site safety management is being maintained without disruption, amid a downturn in the petrochemical sector that has reduced companies' capacity for investment.

Major domestic petrochemical industrial complexes are densely packed with facilities, many of which are aging, creating a high risk of large-scale accidents and underscoring the need for proactive management.

The ministry's review found that the industry invested a total of 320 billion won this year to prevent safety accidents. The largest share — 162.7 billion won — went toward replacing and repairing aging equipment, followed by 27.9 billion won for safety consulting, 26.7 billion won for safety equipment purchases and 14.5 billion won for digital transformation in safety.

The industry also confirmed full compliance with four major safety-related laws, including the Occupational Safety and Health Act, with 100 percent completion of legally required safety and job training.

However, while serious process-related accidents such as leaks, fires and explosions have been declining recently, general industrial accidents — including entrapment and falls — continue to occur.

In response, the roundtable shared best practices in integrated safety management between primary contractors and subcontractors, as well as measures to strengthen prevention-focused safety management, including IT-based systems for early identification of hazards.

Yang Ki-wook, director general of the industrial resources security office at the ministry, urged industry participants to "strengthen prevention-focused on-site safety management activities, including continued investment in safety management, inspection of aging facilities, adherence to work procedures, and maintenance of emergency response systems."