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Korean Petrochemicals Firms Accelerating Overseas Push

Korean Petrochemicals Firms Accelerating Overseas Push

SEOUL, March 29 (Korea Bizwire) – South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.  According to the sources, LG Chem, the country’s No. 1 player in the chemicals [...]

Falling Oil Prices to Boost Consumption in Emerging Economies: Sources

Falling Oil Prices to Boost Consumption in Emerging Economies: Sources

SEOUL, March 15 (Korea Bizwire) – Falling crude oil prices will likely boost petroleum and petrochemical products consumption in emerging economies that will benefit South Korea’s refiners, industry sources said Wednesday.  Benchmark West Texas Intermediate (WTI) ended at US$49.28 per barrel as of March 9, industry data showed.  It is the first time since November [...]

SK Innovation’s 2016 Net Almost Doubles on Petrochemical Biz, Refining Margin

SK Innovation’s 2016 Net Almost Doubles on Petrochemical Biz, Refining Margin

SEOUL, Feb. 3 (Korea Bizwire) – SK Innovation Co., South Korea’s top oil refiner, on Friday said its earnings nearly doubled last year from a year earlier, thanks to better-than-expected results from its petrochemical business and expanded refining margin.  Net profit stood at 1.72 trillion won (US$1.49 billion) last year, compared with a profit of [...]

Ulsan’s Industrial Complex Suffers amid Economic Slump

Ulsan’s Industrial Complex Suffers amid Economic Slump

ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]