Korea to ease rules for petrochem industry M&As, plant closures

Quick Summary:

South Korea will ease regulations and offer incentives to facilitate the restructuring of domestic petrochemical makers battling a global supply glut and overcapacity in China and the Middle East, said the Ministry of Economy and Finance on Monday.

As South Korea’s leading petrochemical companies are forecast to swing to losses this year, Finance Minister Choi Sang-mok announced a string of measures aimed at bolstering the sector's competitiveness at a ministerial meeting.

The country's four largest petrochemical manufacturers – LG Chem Ltd., Lotte Chemical Corp., Kumho Petrochemical Co.and Hanwha Solutions Corp.– reported consolidated losses of a combined 417.0 billion won in the third quarter.

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Article Details

Category: Economy

Markets: South KoreaChina

Topics: Incentives Losses Plant Ethylene Policy Measures Government Petrochemical Restructuring Hanwha Korea

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-24 @ 14:33:46 (1 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 421 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 24624440

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