Petrochemical Firms to Invest 14.5 tln Won by 2023

South Korean petrochemical companies plan to invest 14.5 trillion won (US$12.2 billion) by 2023, the finance minister said Thursday, in an apparent move to boost their output capacity. Hong Nam-ki, the minister of economy and finance, also said the government is considering offering additional tax benefits to petrochemical companies to help revitalize the industry. Petrochemical companies are facing difficulties in the wake of U.S sanctions on Iran and the growing trade dispute between Washington and Beijing. Last year, Washington imposed the most biting sanctions ever on Iran following its exit from a 2015 nuclear agreement with Iran and five major world powers. In May, the U.S. ended its sanctions waivers for South Korea, China, India and five other countries for Iranian oil imports, prompting Seoul to diversify its sources of oil imports. Hanwha Total Petrochemical Co. — a 50-50 joint venture between Hanwha General Chemical Co. and French energy giant Total — said it has stopped importing Iranian condensate following the U.S. sanctions.