South Korea is urging its struggling petrochemicals sector to slash excess capacity and restructure operations amid a global glut that has depressed petrochemicals margins and threatened the industry in many Asian and European countries. China, South Korea, and other Asian petrochemical producers have faced free-falling margins in recent months, with many companies struggling to break even. In Europe, the crisis in the petrochemicals industry has a different root cause – high energy costs – but the result is the same, a struggling industry.…
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