Finance chief pledges swift support for voluntary petrochemical restructuring

Finance Minister Koo Yun-cheol said Wednesday that the government will promptly prepare support measures in tandem with approving business restructuring plans for struggling petrochemical companies that have submitted voluntary restructuring proposals. All 16 major petrochemical companies and three industrial complexes have recently submitted their initial restructuring plans to the government, under which they aim to reduce the combined capacity of their naphtha cracking centers (NCCs) by up to 3.7 million tons. "The industry met the deadline on its own initiative without missing the golden time, and we have confirmed a stronger-than-expected commitment to capacity reduction, meaning the first step has been taken successfully," Koo said while presiding over an economy-related ministerial meeting. The deadline for submissions is Dec. 31. Referring to the first restructuring proposal submitted, known as the "Daesan No. 1 Project," Koo said the government will swiftly roll out support measures, alongside business restructuring approval, early next year. Under the voluntary restructuring scWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times