| Work Detail |
LG Chem said Sunday it will focus on high-value petrochemicals in the basic materials business to respond to rising oversupply concerns. The move came amid expectations the nation''s petrochemical industry, which is in an instant boom on the back of a price drop in raw materials, will face fiercer competition as product output is expanding in North America and China despite a global economic slowdown. It is important to prepare for an uncertain future earlier than anybody else even when we are thriving, said Son Ok-dong, president of LG Chem''s Basic Materials Business. We will do our utmost to build a solid business foundation that can generate results no matter what difficulties. The nation''s top chemical business pledged to increase the sales of high-value petrochemical products ? metallocene polyolefin; highly-functional acrylonitrile, butadiene and styrene; engineering plastic (EP); super-absorbent polymers; and eco-friendly synthetic rubber ? to 7 trillion won by 2020, up from the current 3 trillion won level. To this end, it will invest 400 billion won by 2018 to boost production capability of synthetic resins called elastomers. The company also said it will seek to acquire businesses with promising tech companies to strengthen competitiveness in the EP sector. LG Chem said it will also boost price competitiveness of existing products such as ethylene and propylene. In particular, the company said it is considering expanding production of ethylene to stably supply high-value petrochemicals. It currently is capable of producing 2.2 million tons of ethylene a year. |
