'First Petrochemical Restructuring Case' H&L ADVANCED to Hold Launch Ceremony on the 4th

[Financial News] H&L ADVANCED, the integrated company in the country's first petrochemical restructuring case, was launched on the 1st. It is the merged entity of HD HYUNDAI CHEMICAL CO., LTD. and LOTTE Daesan Petrochem Corporation, and its official launch ceremony is scheduled for the 4th.
According to the industry on that day, HD HYUNDAI CHEMICAL CO., LTD. absorbed LOTTE Daesan Petrochem Corporation and changed its name to H&L ADVANCED. Earlier, Lotte Chemical Corporation spun off its Daesan plant as a physical division in June and established LOTTE Daesan Petrochem Corporation.
HD Hyundai Oilbank and Lotte Chemical Corporation each hold a 50% stake in H&L ADVANCED. In the former HD HYUNDAI CHEMICAL CO., LTD., HD Hyundai Oilbank held 60%, while Lotte Chemical Corporation held 40%.
Under the government-approved restructuring plan, H&L ADVANCED plans to shut down Lotte Chemical Corporation's Daesan naphtha cracking center (NCC), which has an annual capacity of 1.1 million tons.
The joint major shareholders, HD Hyundai Oilbank and Lotte Chemical Corporation, also plan to inject a total of 1.2 trillion won in capital into H&L ADVANCED.

[email protected] Kim Mi-hee Reporter