SEOUL, Jul. 23 (Korea Bizwire) — LG Chem Ltd., South Korea’s biggest chemical company by sales, said Monday it will invest 2.8 trillion won (US$2.4 billion) to expand its local naphtha cracking center (NCC) and polyolefin (PO) plant by 2021. The company will spend 2.6 trillion won to increase output capacity of the NCC and [...]
SEOUL, May 15 (Korea Bizwire) — South Korean oil refiners, led by top player SK Innovation Co., logged decent earnings in the first quarter of the year on the back of robust petrochemical business, and expect their bottom line to remain firm under the current quarter thanks to the recovery of their refining margin, industry [...]
SEOUL, April 25 (Korea Bizwire) – SK Innovation Co., South Korea’s top oil refiner, on Tuesday said its first-quarter earnings surged from a year earlier, thanks to better-than-expected results from its petrochemical business. Net profit stood at 859 billion won (US$757 million) on a consolidated basis in the first quarter of the year, compared with [...]
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 [...]
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 [...]
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, 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 [...]
SEOUL, March 22 (Korea Bizwire) – South Korean petrochemicals companies, backed by improved earnings, are pushing to take over foreign rivals that specialize in high-end products, in a bid to diversify their revenue sources and fend off rising competition from Chinese rivals, industry sources said Tuesday. According to the sources, SK Global Chemical Co., a unit [...]