South Korean government calls PTA producers to cut output
As per the new plan, the government plans to call on petrochemical companies to reduce their PTA production by 30%, or 1.5 million tons, citing low oil prices, China’s increasing self-sufficiency, and slowing demand as the main factors behind their decision. The accumulative deficits of domestic PTA producers from 2012 to November 2015 amounted to KRW845 billion ($720.3 million), according to reports.
However, according to the South Korean government, the country’s synthetic resin and rubber as well as basic petrochemical and middle fuel sectors will see stronger sales performance after 2017.
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