SK Incheon Petrochem’s paraxylene plant of the 1.6 trillion-won having completed 90 percent of work construction is in danger of being closed having found by the Seo-gu district office that the company had violated the city’s building code in numerous instances.
On January 6, an official of the Seo-gu District Office said that the district would send a notification to halt the construction on the grounds that it found SK Incheon Petrochem had built the plant in excess of the area previously permitted with the city authorities.
The company said that the plant’s closure would incur 54 billion won of loss a month in sunken cost, including labor cost, equipment rental, and storage space rental. Even including opportunity cost from losses of long-term oil contracts, the monthly loss would be in the range of 100 billion won.
The SK Group company having shifted its focus on chemical and synthetic fibers away from oil refining has seen its profit margin scoured.
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