Petrochemical NCC Reduction Targets Within Reach as Yeosu and Ulsan Industrial Complexes Submit Restructuring Plans

South Korea’s major petrochemical complexes in Yeosu and Ulsan have submitted restructuring plans, advancing government-led efforts to reduce naphtha cracking center (NCC) capacity by up to 3.7 million tons, with LG Chem and GS Caltex forming a JV and further industry consolidation underway.