The strong performance and financial results of SK Incheon Petrochem can be attributed to the rising prices of paraxylene, which is used for producing polyester textile and benzene, according to Korean media reports.
SK Innovation had acquired Incheon Petrochem in 2006 to form SK Incheon Petrochem. The parent company invested close to 1.6 trillion won to increase the annual production capacity of its paraxylene plant to 1.3 million tons to overcome the difficulties it faced in the initial stages. Eventually, paraxylene became popular, resulting in a wide difference between the prices of naphtha raw material and paraxylene products. (KD)
ALCHEMPro News Desk – India
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