Lotte Chemical office building. (Photo=Lotte Chemical)

 

As the petrochemical industry continues to slump, Lotte Chemical organized a series of overseas subsidiaries last year, focusing on its basic materials business.

According to an audit report released by Lotte Chemical on the 18th, Lotte Chemical sold its stake in Lotte Chemical Jasing, a basic petrochemical production plant in China, and Lotte Chemical Samgang to local partners in 2023.

It also organized the Hefei Corporation in China, which produces engineering plastics (EP), the Polish sales corporation (Lotte Chemical Poland), the PET, and the affiliate KPI Chemtech, which produces nylon. Lotte Chemical is also reportedly considering selling its subsidiary Lotte Chemical Titan (LC), a large-scale production base in Malaysia. LC Titan, which produces ethylene, polyethylene (PE), and polypropylene (PP), which are raw materials for petrochemical products, suffered operating losses of 61.2 billion won last year due to falling demand.

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