SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major petrochemical companies are grappling with a deepening industry downturn, as key players reported average plant utilization rates falling below break-even thresholds during the first half of 2025, according to corporate filings reviewed on August 17. The average operating rates at leading firms—including Lotte Chemical, LG Chem, [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, March 29 (Korea Bizwire) — SK Gas, a key energy affiliate of energy and telecom conglomerate SK Group, said Sunday that it has reached a deal with Saudi’s Advanced Petrochemical Co. (APC) to set up a joint venture to build a US$1.8 billion plant in the kingdom. SK Gas Petrochemical, SK’s special purpose company, [...]
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 [...]
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 [...]
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 [...]
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 [...]