SEOUL (ICIS)–The global petrochemical supply glut will take some time to run its course and focusing on portfolio optimization and higher value products would be the way forward, LG Chem CEO Hak Cheol Shin said on Friday.
“China will continue to build although there is a slowdown in new projects,” said Shin, who is also the chairman of the Korea Petrochemical Industry Association (KPIA).
It would take a few years to see a rebalancing in supply, he said on the sidelines of the Asia Petrochemical Industry Conference (APIC).
The prospect of further rationalization in the petrochemical industry – a hot topic during APIC – would depend on the type of capacity and location, he said.
Published by: www.icis.com
Soo Hwee Peh
31-May-2024
