Petrochemical
Industry minister urges Yeosu petrochemical complex to swiftly draw up restructuring plans
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Industry Minister Kim Jung-kwan urged petrochemical companies in Yeosu on Wednesday to swiftly develop voluntary restructuring plans by year-end to qualify for government support amid a global oversupply crisis. While the Daesan complex in Seosan has submitted plans to cut naphtha cracking capacity by 1.1 million tons, Yeosu and Ulsan complexes have yet to finalize details.
Trade Minister Yeo Han-koo met with major petrochemical companies on Dec. 9 to discuss responses to trade barriers imposed by major economies, such as import regulations and non-tariff measures. The meeting focused on strengthening government-private sector cooperation, identifying and improving non-tariff barriers, and creating new business opportunities through free trade agreements with emerging economies like Bangladesh and Pakistan. Yeo shared outcomes from his recent meeting with the European Commission and pledged government support.
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President Prabowo Subianto inaugurated the PT Lotte Chemical Indonesia petrochemical plant in Cilegon, Banten, while affirming the government's commitment to creating a safe and fair investment climate. He highlighted foreign investor trust as evidence of Indonesia's strong economic prospects. The project aligns with the industrialization downstream vision to reduce imports and boost exports.