LG Chem Shin Hak-cheol "Petrochemical Crisis, Long-term Growth Opportunity"

Meeting with Journalists at the Asia Petrochemical Conference on the 31st

Shin Hak-cheol, Vice Chairman of LG Chem, is answering questions from reporters at the 2024 Asia Petrochemical Conference held at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul. Photo by Joint Press Corps

Shin Hak-cheol, Vice Chairman of LG Chem, stated that despite the crisis in the petrochemical industry, "there will be growth opportunities in the long term."

Vice Chairman Shin made these remarks on the 31st before the '2024 Asia Petrochemical Conference (APIC)' held at the Grand Intercontinental Seoul Parnas Hotel in Gangnam-gu, Seoul. He said, "At the CEO breakfast meeting, we exchanged general opinions on the global market conditions," adding, "The main discussions were about how to find growth opportunities and how to strengthen competitiveness. It was a positive conversation." Regarding the recovery of the NCC (Naphtha Cracking Center) operating rate, he said, "It seems it will gradually recover, but it is difficult to specify a visible timeline."

As the Chairman of the Korea Petrochemical Industry Association, Vice Chairman Shin stated in his opening remarks, "Now, as uncertainties increase due to global oversupply, weak demand, and the spread of protectionism, our close cooperation is more necessary than ever," and added, "under the theme of 'Pioneering the Path in the Era of Sustainability,' we aim to discuss sustainable growth opportunities for the Asian petrochemical industry."

In his opening speech, Vice Chairman Shin proposed ▲ the development of a cooperative response system among the seven APIC member countries ▲ collaboration to establish a long-term competitiveness model for carbon high value-added products. He said, "whether the Asian petrochemical industry will overcome this complex crisis and leap forward or fall into a low-growth trap depends on the responses of the seven APIC countries going forward," and expressed hope that, "this APIC will further strengthen cooperation among our countries and greatly contribute to building a cooperative system and sustainable development of the Asian petrochemical industry."

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