South Korean Government calls for restructuring of petrochemicals industry

30-Sep-16

South Korean Government has called for restructuring of the petrochemicals industry to reduce oversupply and streamline businesses.  The four products considered to be in oversupply are terephthalic acid, polystyrene, synthetic rubbers and PVC. In total 11 companies including LG Chem, Lotte Chemical and Hanwha Chemical are currently producing the concerned products.  Trade, Industry and Energy Minister Joo Hyung-hwan on Wednesday urged local petrochemicals companies to voluntarily carry out business reorganization to deal with a supply glut. The supply glut in the products weighed heavily on Asia's fourth-largest economy as South Korea's exports have tumbled by 70% in past 5 years. The four products accounted for 12% of the country's petrochemical market.

 

  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha