Tag: petrochemical

petrochemical

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Korea's petrochemical industry on edge as Aramco project in Ulsan threatens to render producers obsolete

S-Oil’s 9 trillion won Shaheen Project is nearing its first test as Aramco tries to prove a world-first process that could challenge Korea and China’s conventional petrochemical producers.

2026.6.28

An S-Oil gas station in southern Seoul [S-OIL]

Major oil refiners post stronger-than-expected Q1 profit of combined $3.3B

Four major Korean oil refiners posted stronger-than-expected operating profits to combine for more than 5 trillion won ($3.3 billion) in the first quarter of this year as crude prices soared due to the Iran war.

2026.5.14

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A naphtha cracking facility at Yeochun NCC in Yeosu, Incheon, is shown in this photo taken on April 1. [YONHAP]

Korea expected to secure up to 90% of prewar levels of naphtha supply for May: Industry Ministry

Korea is expected to secure up to 90 percent of pre-Iran war naphtha supplies for May, the Ministry of Trade, Industry and Resources said, adding that major petrochemical companies are expanding their plant operations to align with inbound supplies.

2026.4.28

A petrochemical industrial complex in Yeosu, South Jeolla [NEWS1]

Seoul to ban hoarding of petrochemical feedstocks amid Iran war

Korea will ban the hoarding of key petrochemical feedstocks and products starting Wednesday as the Iran war raises the risk of further supply disruptions.

2026.4.14

Lotte Chemical's Daesan Plant in Seosan, South Chungcheong, is seen in this file photo [JOONGANG ILBO]

HD Hyundai Oilbank, Lotte Chemical get first petrochemical restructuring green light

The government approved the petrochemical industry’s first restructuring plan, known as the Daesan No. 1 Project, as domestic companies seek to respond to a prolonged crisis led by oversupply from global competitors.

2026.2.25

HD Hyundai Oilbank's oil refining plant in Daesan, South Chungcheong [HD HYUNDAI OILBANK]

Gov't devises 2.1 trillion won support package for petrochemical restructuring

The government announced Wednesday a 2.1 trillion won ($1.45 billion) financial package to support the restructuring project of Lotte Chemical and HD Hyundai Chemical at the Daesan industrial complex.

2026.2.25

Industry Minister Kim Jung-kwan, third from left, speaks at a meeting with the chief executive officers of local petrochemical companies in Seoul on Dec. 22. [YONHAP]

Petrochemical firms to cut several million tons of NCC capacity through restructuring

Local petrochemical companies plan to voluntarily reduce the combined capacity of their naphtha cracking centers by up to 3.7 million tons under restructuring measures partly aimed at tackling an industrywide crisis stemming from global oversupply

2025.12.22

Industry Minister Kim Jung-kwan listens to on-site officials with LG Chem CEO Shin Hak-cheol during a visit to an LG Chem facility at the Yeosu Industrial Complex in Yeosu, South Jeolla, on Nov. 26. [MINISTRY OF TRADE, INDUSTRY AND RESOURCES]

Petrochemical firms propose topline solutions aimed at reducing oversupply issue

Korea’s struggling petrochemical producers on Friday submitted self-rescue plans to the government ahead of a promised deadline, as the industry grapples with persistent oversupply.

2025.12.20

S-Oil CEO Anwar A. Al-Hejazi, right, poses for a photo with Industry Minister Kim Jung-kwan after receiving the Gold Tower Order of Industrial Service Merit at the 2025 Foreign Company Day ceremony held at the Grand InterContinental Seoul Parnas in Gangnam District, southern Seoul, on Nov. 13. [S-OIL]

S-Oil CEO receives Korea's highest industrial honor for advancing petrochemical sector

S-Oil CEO Anwar A. Al-Hejazi received Korea’s Gold Tower Order of Industrial Service Merit on Thursday for his role in advancing the 9 trillion won ($6.1 million) Shaheen Project, the country’s largest foreign investment in the industry.

2025.11.13

A Posco steel mill in Pohang, North Gyeongsang [POSCO]

Industries balk at government's new climate goals, citing financial pressures and China

Korean industries are pushing back against the government’s new climate goals, citing mounting pressures from Chinese competition, U.S. tariffs, rising electricity rates for industrial use — and now, climate-related regulatory risks.

2025.11.6