Government "unprecedented crisis"...Help reorganize petrochemical business

The government says the country's petrochemical industry is facing an unprecedented crisis, and it is urgent to reorganize its business to secure its competitiveness.

As a result, the government held a meeting of related ministers to strengthen industrial competitiveness today and announced plans to enhance the competitiveness of the petrochemical industry.

The government says the recent slump in the petrochemical industry is due to oversupply in China and the Middle East, and it will actively support companies to reorganize their businesses to address it.

First of all, in order to rationalize oversupply facilities, we decided to reorganize the law and provide financial and tax support so that companies can voluntarily reorganize their businesses, such as closing facilities, selling businesses, and establishing joint ventures.

In addition, we plan to strengthen R&D support to convert the domestic petrochemical industry to high value-added and eco-friendly.

In addition, regions that are expected to have difficulties in the local economy due to the closure of petrochemical facilities will be considered to be designated as pre-emptive industrial crisis response areas.