Petrochemical firms accelerate last-minute efforts for self-rescue measures

Petrochemical companies are accelerating last-minute efforts to submit self-rescue plans in line with the government's advised deadline Friday. They are considering initiating a series of intensive restructuring programs, such as asset sales and the establishment of joint ventures between interested firms, in their desperate efforts to tackle the global oversupply of petrochemicals. The Ministry of Trade, Industry and Energy pushed up the effective timeline to Friday, urging major petrochemical firms here to submit tight self-rescue plans before the authority provides financial support to them. The ministry and 10 leading petrochemical firms have agreed to cut total domestic ethylene production by about 2.7 million to 3.7 million tons a year. Companies that miss the timetable risk being excluded from future financial and policy support, adding urgency to the current round of negotiations. In the Yeosu and Daesan industrial complexes, companies finalized their proposals just hours before the cutoff, signaling progress on critical capacity cuts. In Yeosu, Yeochun NCC and Lotte Chemical agre