DL Chemical plans to shut down Yeochun NCC No. 1 plant under restructuring

DL Chemical, a South Korean petrochemical firm, announced on?Monday the closure of?Yeochun NCC Co.'s No. According to an emailed announcement, the No. 1 plant with a capacity of 900,000.000 metric tonnes should be closed as part of a restructuring plan.

Yeochun NCC Co, the third largest ethylene producer in Korea, is a joint venture of DL Chemical with Hanwha Solutions.

DL Chemical said that the proposal was in response to the Government's

Local petrochemical companies should submit a restructuring plan by the end of this year to reduce oversupply, and to improve their financial situation.

The Korea Economic Daily reported Sunday that Hanwha Chemical and DL Chemical have agreed to close YNCC’s No. The Korea Economic Daily reported on Sunday that Hanwha and DL Chemical had agreed to close YNCC's No.

In a statement released on Monday, DL Chemical stated that it did not propose to shut down?the No. DL Chemical said?in a statement on Monday that it was not proposing to shut down?the No.

YNCC's No. The company's No.

YNCC refused to comment on the report by The Korea Economic Daily. Hanwha Solutions did not respond to a request for comment. Heejin KIM (Reporting) Ed Davies (Editing)

(source: Reuters)