Prosecutors are conducting raids on domestic petrochemical companies suspected of colluding to fix prices of polyvinyl chloride (PVC) and plasticizers amid the ongoing Middle East conflict.
According to legal sources, the Seoul Central District Prosecutors' Office, led by Chief Prosecutor Na Hee-seok, raided seven companies, including LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid, to secure relevant documents.
These companies are accused of having prearranged price increases for eight petrochemical products, including PVC, plasticizers, caustic soda, and hydrochloric acid, citing instability in naphtha supply due to the Middle East conflict.
PVC, which is primarily made from naphtha, is a synthetic plastic widely used in construction materials, pipes, and wire coatings. Plasticizers are chemical additives that make PVC softer and more flexible.
Earlier, the Fair Trade Commission also identified signs of collusion among petrochemical companies and initiated an on-site investigation in May.
* This article has been translated by AI.
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