South Korea approves first major petrochemical restructuring deal to tackle supply glut
South Korea has approved a merger between units of HD Hyundai and Lotte Chemical. This landmark restructuring deal includes a massive state support package.
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South Korea 
KR's industry ministry has officially approved the country's first petrochemical industry restructuring project, authorizing a comprehensive support package worth more than 2 trillion won. The initiative will merge the operations of HD Hyundai Oilbank, Lotte Chemical Corporation , and HD Hyundai Chemical at the Daesan industrial complex. This move, finalized today on February 24, 2026, represents a significant step in the government's efforts to stabilize the domestic chemical sector and address structural inefficiencies.
KR's industry ministry has officially approved the country's first petrochemical industry restructuring project, authorizing a comprehensive support package worth more than 2 trillion won. The initiative will merge the operations of HD Hyundai Oilbank, Lotte Chemical Corporation , and HD Hyundai Chemical at the Daesan industrial complex. This move, finalized today on February 24, 2026, represents a significant step in the government's efforts to stabilize the domestic chemical sector and address structural inefficiencies.
