Petrochemical Industry Says Domestic Supply Comes First Amid Middle East Risks, Puts Full Effort Into Securing Naphtha
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- 2026-04-20 09:00:00
- Updated
- 2026-04-20 09:00:00
[The Financial News] As supply chain risks widened due to instability in the Middle East, South Korea's petrochemical industry has launched a joint response to stabilize supply chains and secure essential materials.
The Korea Chemical Industry Association (KCIA) said on the 20th that it had released a joint statement on behalf of the petrochemical industry, pledging to respond to recent uncertainties from the Middle East and actively cooperate with government policy.
The statement was joined by 33 major petrochemical companies, including Kumho Petrochemical, Lotte Chemical, LG Chem, SK Geo Centric and Hanwha Solutions, under the leadership of the association. As the industry’s single representative body, the association said the unified response from major companies reflects the severity of the current supply chain crisis.
In the statement, the industry said it would actively cooperate with government policy and make every effort to secure raw materials in response to the naphtha supply crisis triggered by instability in the Middle East. It added that it would maximize plant utilization to prioritize domestic supply of key products, including basic petrochemical feedstocks such as ethylene and propylene, as well as polyethylene (PE) and polypropylene (PP).
It also stressed that the petrochemical industry, as a key national industry, would fulfill its responsibility to stabilize supply chains for essential goods and contribute to public stability.
Eom Chan-wang, vice chairman of the Korea Chemical Industry Association, said, "This joint statement is meaningful because the industry has expressed its determination to respond with one voice amid an unprecedented crisis caused by the Middle East war." He added, "As a core industry supporting the national economy and people's daily lives, the petrochemical sector will do its part and fulfill its responsibilities." He also said, "The association will actively support stable production and supply across the industry."
solidkjy@fnnews.com Gu Ja-yun Reporter