Gov't devises 2.1 tln-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 Corp. and HD Hyundai Chemical at the Daesan industrial complex, the first authorized project of a broader self-rescue plan of the ailing petrochemical sector. The two companies finalized their restructuring plan last year, under which Lotte Chemical will spin off its naphtha cracking center at the Daesan petrochemical complex in Seosan, about 100 kilomete

By The Korea Herald

South Korea approves first petrochemical restructuring deal as supply glut weighs