LX International Secures 1,100 Tons of Urea from China... Also Obtains 1,254 Tons of Urea Solution from Vietnam and 3 Other Countries

[Asia Economy Reporter Lee Gwan-joo] LX International announced on the 10th that it secured 1,100 tons of urea in China and 1,254 tons of urea solution in four Asian countries including Vietnam and Malaysia. Among these, the 1,254 tons secured in the four Asian countries are included in the 5,000 tons that the government announced it additionally secured in Vietnam.

The urea and urea solution secured by LX International are all immediately usable for vehicles. The 1,100 tons of urea secured in China can produce 3,300 tons of urea solution.

The background of securing urea in China this time is LX International's entry into the Chinese coal chemical business. LX International, the first domestic company to enter the Chinese coal chemical business, acquired a 29% stake in the Bodasdi coal chemical urea fertilizer plant located in Neimenggu from the Chinese Bowien Group in July 2013 for 92 million dollars. The 1,100 tons of urea secured this time came from there. The company explained that the urea secured this time is the first batch, and if necessary, they plan to secure additional quantities.

When the 'urea solution crisis' occurred in Korea, LX International issued an 'urgent order' to its overseas subsidiaries and branches to secure urea solution. Through this, each subsidiary and branch was able to successfully trade urea and urea solution by actively working on the ground. LX International stated, "To receive priority inspection when applying for export inspection in China, the headquarters and overseas subsidiaries are working tirelessly with embassies and related institutions to find solutions." Additionally, the urea obtained from places such as Vietnam is expected to be shipped within this month and to arrive in Korea by next month at the latest.

LX International was established in 1953 under the name Rakhee Industry Co., Ltd., then went through Bando Trading and Lucky-Goldstar Trading, changed its name to LG Trading in 1995, and changed its name to LX International in June of this year.

This content was produced with the assistance of AI translation services.