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Korea’s Petrochemical Industry Accelerates Restructuring Amid Oversupply and Weak Global Demand

Korea’s Petrochemical Industry Accelerates Restructuring Amid Oversupply and Weak Global Demand

SEOUL, June 13 (Korea Bizwire) — South Korea’s petrochemical sector is ramping up restructuring talks, including potential consolidation of naphtha cracking center (NCC) facilities, as companies grapple with sustained oversupply from China and a prolonged global economic slowdown. The shift comes as the administration of President Lee Jae-myung prepares to roll out policy support for [...]

Korea Nears Policy Response as Petrochemical Industry Faces Prolonged Downturn

Korea Nears Policy Response as Petrochemical Industry Faces Prolonged Downturn

SEOUL, April 12 (Korea Bizwire) —  As South Korea’s petrochemical sector grapples with a historic downturn, the government is expected to unveil new support measures in the coming months, following the completion of a strategic industry consulting project commissioned to address deep structural challenges. The Korea Petrochemical Industry Association recently submitted a final report to [...]

Petrochemical Firms Face Credit Downgrades Amid Prolonged Downturn

Petrochemical Firms Face Credit Downgrades Amid Prolonged Downturn

SEOUL, March 11 (Korea Bizwire) — South Korea’s leading petrochemical companies are bracing for potential credit rating downgrades in the first half of 2025 as financial indicators continue to deteriorate due to a prolonged industry slump. The growing concerns come in the wake of Homeplus’ restructuring following a credit rating downgrade, raising alarms over broader [...]

South Korea Announces Measures to Bolster Struggling Petrochemical Sector Amid Global Supply Glut

South Korea Announces Measures to Bolster Struggling Petrochemical Sector Amid Global Supply Glut

SEOUL, Dec. 24 (Korea Bizwire) – South Korea’s government unveiled a set of measures on December 23 to enhance the competitiveness of its petrochemical industry, which has been grappling with a structural downturn fueled by global oversupply. Industry leaders welcomed the initiative, emphasizing the urgency of swift action to prevent a deeper crisis. Support for [...]

Researchers Develop Game-changing Technology for Petrochemical Industry

Researchers Develop Game-changing Technology for Petrochemical Industry

SEOUL, Sept. 25 (Korea Bizwire) — A “Direct Conversion Technology of Non-oxidative Methane” owned only by the U.S. and China has been developed by Korean researchers. Analysts say it will change the landscape of the global petrochemical industry. A research team from the Korea Research Institute of Chemical Technology (KRICT) said on Tuesday that it [...]

Hanwha Total Expands Ethylene Production Capacity in S. Korea

Hanwha Total Expands Ethylene Production Capacity in S. Korea

SEOUL, Sept. 17 (Korea Bizwire) — Hanwha Total Petrochemical Co., a major petrochemical producer in South Korea, said Tuesday it has completed an expansion of its ethylene and propylene production facilities. Hanwha Total said its Naphtha Cracking Center (NCC) Side Gas Cracker at its plant in South Chungcheong Province has started commercial operations. Hanwha Total [...]

Lotte Chemical, GS Energy to Invest 800 bln Won in Petrochemical JV

Lotte Chemical, GS Energy to Invest 800 bln Won in Petrochemical JV

SEOUL, Jul. 15 (Korea Bizwire) — Lotte Chemical Corp., a major chemical unit under Lotte Group, said Monday it will establish a petrochemical joint venture with GS Energy Co., an energy-specialized holding company of GS Group. Lotte Chemical and GS Energy signed an agreement to form a joint venture, tentatively named Lotte-GS Chemical Company, this [...]

Petrochemical Firms to Invest 14.5 tln Won by 2023

Petrochemical Firms to Invest 14.5 tln Won by 2023

ULSAN, Jun. 13 (Korea Bizwire) — South Korean petrochemical companies plan to invest 14.5 trillion won (US$12.2 billion) by 2023, the finance minister said Thursday, in an apparent move to boost their output capacity. Hong Nam-ki, the minister of economy and finance, also said the government is considering offering additional tax benefits to petrochemical companies [...]

S. Korea Develops Catalyst That Generates Petrochemical Material Without Byproducts

S. Korea Develops Catalyst That Generates Petrochemical Material Without Byproducts

DAEJEON, Apr. 29 (Korea Bizwire) — A South Korean research team led by professor Song Hyun-joon from Korea Advanced Institute of Science and Technology (KAIST) developed an electrocatalyst that turns more than 70 percent of carbon dioxide into ethylene without causing significant byproducts. Ethylene is one of the primary materials used in the petrochemical industry, [...]