HD Hyundai, Lotte Launch H&L Advanced Joint Venture
H&L Advanced, the first integrated entity created under South Korea’s petrochemical industry restructuring drive, has officially launched. HD Hyundai Chemical merged with Lotte Daesan Petrochemical and changed its name to H&L Advanced, holding an official launch ceremony on Sept. 4 at the Daesan pla
The South Korean petrochemical industry has taken a significant step with the launch of H&L Advanced, an integrated entity created through the merger of HD Hyundai Chemical and Lotte Daesan Petrochemical. The new company, jointly controlled by HD Hyundai Oilbank and Lotte Chemical, aims to address oversupply issues and improve profitability.
H&L Advanced plans to cut capacity by 30% to 40%, targeting a reduction of 2.7 million to 3.7 million tons of Naphtha Cracking Center capacity. This move is part of a broader restructuring plan that seeks to optimize processes, reduce operating costs, and enhance cost competitiveness. The company also plans to shift its product mix, moving away from basic chemicals and towards specialty products, with a focus on high-value-added items like super engineering plastics.
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