Power Outage shuts Lotte Chemical & LG Chemical units in Korea
The incident occurred around 9:30 a.m. at the two plants located in the Daesan Petrochemical Complex, about 100 kilometers south of Seoul, they said.
Amid the suspension of plant operations, the two companies were burning raw materials used in the production process, giving rise to black smoke pouring out of the factory chimneys.
The officials said that even if power supply is restored, it will take a long time for factory operations to return to normal.
Related on the Wire
- Crude·Tuesday, 3 November 2026
S-Oil’s Shaheen Project Set to Boost Ethylene Capacity Amid South Korea’s Restructuring Push
South Korea’s efforts to restructure its petrochemical industry are facing fresh challenges as S-Oil’s $6.9 billion Shaheen project in Ulsan moves closer to completion. The complex is scheduled to begin commercial operations in 2027 and is expected to add 1.8 million tons/year…
Read story - Markets·Wednesday, 7 October 2026
Global Chemical Prices Experience Volatility and Divergence
Global chemical prices are currently experiencing significant volatility and divergence as of mid-September. This is largely attributed to strong fluctuations in crude oil prices, regional supply-demand mismatches, and shifting downstream purchasing patterns. While certain bas…
Read story - Markets·Tuesday, 6 October 2026
Global Chemical Prices Experience Volatility and Divergence
Global chemical prices are undergoing significant volatility as of mid-September, driven by fluctuating crude oil prices and regional supply-demand mismatches. The divergence in prices is evident across various product categories. Basic raw materials have shown resilience due …
Read story - Crude·Thursday, 5 November 2026
Oil Prices Hit Two-Month Lows as US Midterm Results Boost Iran Deal Hopes
Crude oil prices extended their recent losses on Wednesday, November 4, falling by more than 8% to their lowest levels in over two months. The sharp decline followed the US midterm election results, which strengthened expectations that Washington could seek a diplomatic resolu…
Read story