Lee Young-jun, CEO of Lotte Chemical, will receive the Silver Tower Industrial Medal for his contributions to enhancing the competitiveness of the domestic chemical industry through the restructuring of the petrochemical business and the localization of key process technologies.
The Ministry of Trade, Industry and Energy announced that it will hold the 18th Chemical Industry Day ceremony at the L Tower in Yangjae, Seoul, on October 30. This year, a record 52 individuals will be honored, with eight government awards including the Silver Tower Industrial Medal, the Bronze Tower Industrial Medal, and Industrial Merit Awards, along with 44 Ministerial Commendations.
Lee is recognized for leading the restructuring of the petrochemical business and for localizing polypropylene (PP) process technology, establishing a foundation for overseas re-exports. The Bronze Tower Industrial Medal will be awarded to Cho Nam-soo, CEO of H&L Advanced, for his contributions to the approval of the first petrochemical restructuring project and the establishment of a direct liquefied natural gas (LNG) import system in Korea.
The Industrial Merit Award will go to Han Hyun-sik, CEO of Heesung Catalysts, for his achievements in localizing catalysts for automotive exhaust purification and leading the development and commercialization of climate catalysts for carbon neutrality. Presidential Commendations will be awarded to Kim Yong-seon of LG Chem and Heo Cheol, Executive Director of Dongjin Semichem. Kim contributed to securing naphtha in the Middle East, while Heo was recognized for promoting the localization of semiconductor photoresists and OLED optical materials.
This year's ceremony is particularly significant amid a supply chain crisis caused by global oversupply and the ongoing conflict in the Middle East. The government and industry are collaborating to secure raw materials and maintain production in response to the blockade of the Strait of Hormuz, while also pursuing restructuring in the petrochemical sector.
In July, the government approved a restructuring plan for the 'Yeosu No. 1' project involving Yeocheon NCC, Lotte Chemical, Hanwha Solutions, and DL Chemical. This plan includes reducing Yeocheon NCC's annual ethylene production capacity of 1.39 million tons and integrating operations.
Chemical Industry Day has been celebrated annually since 2009 to commemorate the completion of the Ulsan petrochemical complex on October 31, 1972.
Yang Gi-wook, Director of the Ministry, stated, "The instability in the Middle East continues, and there are still challenges to complete the restructuring. The government will not spare necessary support and will also consider the overall industrial ecosystem, including regional economies and employment, during the restructuring process."
* This article has been translated by AI.
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