Lotte Chemical, HD Hyundai Chemical finalize NCC restructuring plan

SEOUL, Nov. 26 (Yonhap) -- Lotte Chemical Corp. and HD Hyundai Chemical said Wednesday they have finalized a restructuring plan to reduce the capacity of naphtha cracking centers (NCCs) in an industrial complex in the central region as part of nationwide efforts to reform the petrochemical industry.

The companies said in regulatory filings that their voluntary restructuring plan has been submitted for government approval, allowing them to join the state-led initiative to streamline three major petrochemical industrial complexes in Seosan, Ulsan and Yeosu.

Under the plan, Lotte Chemical will spin off its NCC operations at the Daesan petrochemical complex in Seosan, about 120 kilometers south of Seoul, and the new entity will be merged with HD Hyundai Chemical.

brk@yna.co.kr
(END)