South Korea Sees Deep Cuts in Petrochemical Capacity as Firms Submit Restructuring Plans

SEOUL, Dec. 23 (Korea Bizwire) — The South Korean government said it expects domestic petrochemical producers to cut as much as 3.7 million tons of naphtha cracking capacity, a key goal of a sweeping industry restructuring drive aimed at restoring competitiveness in an oversupplied global market. After reviewing restructuring plans submitted by major producers, the Ministry [...]