The Korea Chemical Industry Association (KCIA) issued a joint statement reaffirming its commitment to ensuring an uninterrupted supply of essential materials to the domestic market.
Amid growing uncertainty over naphtha supply — a key feedstock for petrochemical production — following U.S.-Israel strikes on Iran in late February, 33 major KCIA member companies said they would prioritize securing sufficient volumes to maintain plant operating rates.
The participating firms include LG Chem, Kumho Petrochemical, Lotte Chemical, Hanwha Solutions and SK Geo Centric.
“The petrochemical industry will continue to fulfill its role as a key pillar of the national economy and daily life, and the association will actively support these efforts,” a KCIA official said.
Separately, the government imposed a ban on hoarding petroleum-based raw materials and products on April 15, and announced plans to fully subsidize additional freight costs incurred when sourcing supplies from outside the Middle East.
This undated file photo, provided by the Korea Chemical Industry Association (KCIA), shows its office in Jongno, Seoul. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
(YONHAP NEWS)