Petrochemicals
Government to temporarily designate naphtha as economic security item
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South Korea's government will temporarily designate naphtha as an economic security item amid supply shortages from the Middle East crisis. Finance Minister Koo Yun-cheol announced measures like securing alternative imports and restricting exports. Petrochemical firms risk operational disruptions.
The Department for Promotion of Industry and Internal Trade has asked petrochemical firms to assess local production of more than 200 import-dependent items. The request follows supply and price pressures linked to the West Asia crisis.
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Korean petrochemical firms exceeded market expectations with first-quarter earnings, but analysts warn it is too early for optimism. Prolonged geopolitical tensions could lead to losses in the second half. LG Chem and Hanwha Solutions reported profits after recent losses.