[Alpha Biz=(Chicago) Reporter Kim Jisun] The LG Chem announced today (3rd) in an inquiry requested by the Korea Exchange on media reports that it will sell the second plant of the Naphtha cracking facility (NCC) in Yeosu, Jeollanam-do.

"We are considering various measures to strengthen the competitiveness of the petrochemical business and enhance the value of the business," he said.

The naphtha cracking facility (NCC) is a key facility for manufacturing basic oils such as ethylene, called 'the rice of petrochemicals'.

Amid the recent sharp deterioration in the petrochemical industry due to the global economic downturn, industry sources have predicted that NCC could be subject to restructuring.

The company recently completed regular maintenance of the second plant and explained that the plant has yet to be operated.

Due to sluggish demand and oversupply, LG Chem's petrochemical division posted an operating loss of 1,660 billion won in the fourth quarter of last year, followed by 50.8 billion won in the first quarter of this year.

 

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