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Industry minister urges Yeosu petrochemical complex to 'swiftly' draw up restructuring plans
Yonhap | English | News | Nov. 27, 2025 | UndeterminedOperating Results
Industry Minister Kim Jung-kwan has urged petrochemical companies in Yeosu to urgently finalize voluntary restructuring plans by the end of December to qualify for government support amid an industry crisis caused by global oversupply. This call came during a meeting with senior officials from Yeosu-based petrochemical firms, emphasizing that failure to meet the deadline will result in exclusion from aid, leaving companies to face challenges independently.
The government had previously set three principles for aiding the struggling petrochemical sector: simultaneous restructuring across the Seosan, Ulsan, and Yeosu complexes; sufficient self-rescue efforts by companies; and the formulation of feasible restructuring plans. While companies in the Daesan complex of Seosan have agreed to cut naphtha cracking center (NCC) capacity by 1.1 million tons, Yeosu and Ulsan complexes have not yet presented detailed plans.
Kim also encouraged LG Chem in Yeosu to focus on investing in high-value specialty products, leveraging its strong R&D capabilities. Petrochemical firms raised concerns about recent electricity rate hikes for industrial use and sought government support, including legislation for a special bill and assistance in securing visas for U.S. investment projects.