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Impact on the Plant Industry ni Korea Caused by Oil Companies’ Entry into the Petrochemical Market

Author Yongwon Cho Date 2019.08.30 Series
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Private oil companies in Korea such as GS Caltex, S-Oil and Hyundai Oilbank have recently announced plans to invest in petrochemical production facilities and have begun entering the chemical market in earnest. These investments include building a Naphtha Cracking Center (NCC) where naphtha, a product made at existing refining facilities, is used as a raw material to produce ethylene products.
As private oil companies have started entering the petrochemical market in Korea, both the supply of petrochemical products and the demand for increased production capacity are expected to rise.