South Korea approved a second restructuring plan for the Yeosu petrochemical complex, detailing the merger of Lotte Chemical’s naphtha cracking center with Yeochun NCC and its integration with DL Chemical and Hanwha Solutions to push toward higher-value products, supported by more than 700 billion won in government aid and 800 billion won from the companies to finance debt repayment and restructuring. The package aims to streamline operations, reform payment systems to curb wage arrears, and broaden tax incentives and regulatory relief as part of a long-term competitiveness push for the industry.
