Prime Minister Kim Min-seok visited LG Chem’s plant at the Yeosu National Industrial Complex in South Jeolla Province on the 23rd, toured its naphtha cracking center (NCC) and urged steady production and supply of petrochemical products to help stabilize domestic supply chains.
After receiving a briefing from LG Chem officials on global naphtha supply and demand, Kim shared concerns about the crisis facing the petrochemical industry, including instability in naphtha supplies linked to the Middle East, and discussed steps to stabilize supply.
An LG Chem official said petrochemical products make up about 70% of everyday items people use, adding that the number of products totals about 50,000.
The petrochemical industry said it will actively cooperate with government policy by working to expand naphtha imports and by doing its best to ensure smooth supplies of basic feedstocks such as ethylene and propylene, as well as key products including polyethylene (PE) and polypropylene (PP).
Kim also instructed the Ministry of Trade, Industry and Energy to make every effort to stabilize naphtha supply by maintaining a close coordination system with petrochemical companies.
The government said it will keep its emergency economic response system in place and respond with full force to minimize industrial damage stemming from developments in the Middle East.
* This article has been translated by AI.
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