South Korea to announce plan to restructure petrochemical sector facing 'grave' situation
's government will announce a plan this month to restructure the country's petrochemical sector that is facing a "grave" situation, Industry Minister Kim Jung-kwan said on Thursday.
South Korean petrochemical companies must take lessons from the restructuring of the country's shipbuilding industry in the late 2010s, involving liquidating assets and streamlining business areas during a period when they faced a sharp drop in orders, Kim said.
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Kim, who was speaking at a shipyard, said the petrochemical industry needed to take voluntary measures, including the "adjustment" of facilities, the industry ministry quoted him as saying.
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There have been concerns over the financial health of South Korea's loss-making Yeochun NCC Co., a Yeosu-based petrochemical maker, which media reports said faced about 180 billion won ($130.3 million) in loans coming due at the end of August.
Margins have plunged for petrochemical companies in South Korea and across the globe due to an oversupply of oil products caused by relentless capacity additions in the last decade, particularly in the biggest petrochemical market China. Demand has also been sluggish in the last three to four years.
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Analysts say the industry does not expect global petrochemical margins to recover before 2027.
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