LG Chem CEO expects stable 2018 petrochemical market

Daesan, South Korea

LG CHEM, South Korea's largest chemical company, sees the global petrochemical market being stable this year, and is diversifying its products to guard against falling plastic usage, the company's chief executive said.

Asian petrochemical makers typically use crude-oil derived naphtha as a feedstock to produce ethylene and other basic petrochemicals, which are mostly used to make plastics.

"The petrochemical business is largely affected by oil prices, but now oil prices are stable in the range of US$60 per barrel after rising for a while," Park Jin Soo, LG Chem CEO and vice-president, said at a press conference on Friday which was embargoed until Sun…