LG Chem considers selling naphtha cracker in Yeosu to KPC
by ChemOrbis Editorial Team - content@chemorbis.com
According to local sources, South Korean LG Chem is in talks with Kuwait Petroleum Corp. (KPC) to sell a share in a domestic naphtha cracking facility. Accordingly, the company plans to split off its second naphtha cracking plant in Yeosu, South Jeolla Province, to a separate entity. The plant has an estimated value of 2 trillion won ($1.5 billion).
The company aims to sell a 49% stake of the facility to Kuwait Petroleum Corp., while retaining the remaining 51%. LG Chem had previously tried to sell the facility to Middle Eastern oil and investment companies.
The company’s decision to sell the stake reflects the challenges facing the petrochemicals sector in South Korea, which has been impacted by a decline in exports, largely due to increased competition from Chinese companies.
The company aims to sell a 49% stake of the facility to Kuwait Petroleum Corp., while retaining the remaining 51%. LG Chem had previously tried to sell the facility to Middle Eastern oil and investment companies.
The company’s decision to sell the stake reflects the challenges facing the petrochemicals sector in South Korea, which has been impacted by a decline in exports, largely due to increased competition from Chinese companies.
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