Much attention is paid to geopolitical risks in the Middle East, which have accounted for the largest share of overseas construction orders to Korean construction companies in the first quarter of this year.A total of 183 Korean construction companies won 171 orders in 63 countries around the world
LG Chem is seeking solutions to revive its struggling petrochemical business. Splitting the petrochemical business and attracting foreign investments from the Middle East to create a joint venture are among the scenarios being discussed.Vice Chairman Shin Hak-cheol of LG Chem responded to reporters’
LG Chem announced on the 20th that it will exhibit eco-friendly plastic materials made from carbon dioxide at Cosmoprof Bologna 2024, held on the 21st in Bologna, Italy, to secure customers.The Cosmoprof exhibition is the world’s largest beauty industry expo, with participation from approximately 3,
LG Chem, Korea’s largest petrochemical company, will shut down its styrene monomer (SM) plant at the end of March. SM is widely used in the manufacture of various petrochemical products. The company is also reportedly considering abandoning production of ethylene oxide (EO) and ethylene glycol (EG),
As international oil prices and refining margins both experienced a simultaneous decline in the fourth quarter of last year, the oil industry’s performance was once again placed in a state of emergency.In the worst-case scenario, four major oil companies -- SK Energy, GS Caltex, S-Oil, and HD Hyunda
Rongsheng Petrochemical, China’s largest petrochemical company, will begin a major expansion of petrochemical products at the beginning of the new year. The expansion portfolio includes intermediate raw materials and synthetic resins, which are the main products of Korean petrochemical companies.Ron
The demand for spandex, a functional fiber known for its strength and elasticity and widely used in clothing such as hiking apparel and leggings, is showing signs of recovery. This has led to Hyosung TNC’s spandex facilities operating at over 90% capacity.Industry sources reported on Jan. 2 that the
Amid the global economic downturn and challenges such as weakened demand for petrochemical products as well as increased self-sufficiency in China, which is the largest market for domestic companies, the South Korean petrochemical industry is accelerating business restructuring.According to Korea Cr
Lotte Chemical has sold off all of its plants producing general-purpose petrochemicals in China. General-purpose petrochemicals have become a marginal business for the company with deteriorated profitability due to aggressive expansion by Chinese companies.According to industry sources on Oct. 9, Lo
The author is an analyst for NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.While China’s petrochemical demand set new records in Aug 2023, product spreads remained weak, owing to both strong oil prices and lofty supply. While capacity ramp-up should decrease in 2024, alread
While international oil prices continue their soaring ascent, approaching the US$100 mark, the fortunes of the refining and petrochemical industries are diverging.According to industry sources on Sept. 12, the average price of Dubai crude oil, which serves as the basis for the domestic crude oil imp
The author is an analyst for Shinhan Securities. He can be reached at jinmyung.lee93@shinhan.com -- Ed.Market correction nearing an endHyosung TNC shares enjoyed a rally early this year on hopes for China’s economic reopening and robust earnings, but pared all their gains during the steep correction
On Aug. 31, Lotte Chemical announced that it has entered into a business agreement with the city of Cilegon, Indonesia, to bolster educational support and eco-friendly initiatives.The agreement ceremony was held on the 30th at the Cilegon City Hall. Representatives included Lim Dong-hee from Lotte C
Hyundai Engineering announced on June 26 that it had held a commemoration ceremony for the first production of polypropylene (PP) at the Polimery Police PDH/PP Plant site in Poland on June 22.The ceremony was attended by Mateusz Morawiecki, prime minister of Poland; Tomasz Hinc, chairman of Grupa Az
Hyundai Construction has succeeded in securing a plant construction project in Saudi Arabia worth 6.5 trillion won (US$5.0 billion). It is the seventh overseas contract in its history and the largest project ever secured in Saudi Arabia. This accomplishment is seen as a concrete result of the agreem
Vietnam, to which President Yoon Suk-yeol will pay a three-day state visit beginning June 22, has become a center of research and development (R&D) for Samsung and LG for the future, becoming more than a global production outpost for them.Samsung posted sales of US$73.7 billion (about 95.3678 trilli
The petrochemical industry is struggling to recover, scrambling to secure growth drivers in specialty areas. In response to China’s expansion of its self-sufficiency rate, they are trying to secure market competitiveness by focusing on high-value-added products. In particular, they are actively fost
SK Geo Centric (“SKGC”) and Loop Industries (“Loop”), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (“PET”) plastic and polyester fiber, today announced they have signed a definitive Joint Venture Agree
The author is an analyst of NH Investment & Securities. He can be reached at yk.choi@nhqv.com -- Ed.The impacts of China’s economic reopening are unfolding slower than expected. But, with the direction of a gradual strengthening in demand remaining intact, we foresee a modest earnings recovery for L
LG Chem announced on April 13 that it has signed a joint research and development agreement with North American eco-friendly fuel company Gevo to commercialize bio-propylene by 2026.Gevo possesses the source technology necessary for production of sustainable aviation fuel (SAF) and bioplastics with