AsiaToday chief calls for oil industry survival strategy

May 19, 2026, 10:30 am

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Hwang Seok-soon, President of AsiaToday, speaks during the 3rd AsiaToday K-Industry Vision Forum at the National Assembly Library in Seoul on May 19, 2026. /AsiaToday

Hwang Seok-soon, President of AsiaToday, called on South Korea’s refining and petrochemical industries to pursue aggressive innovation and restructuring strategies as they confront growing global uncertainty and structural market challenges.

Speaking at the 3rd AsiaToday K-Industry Vision Forum held Tuesday at the National Assembly Library in Seoul, Hwang said the industries had regained attention amid rising geopolitical tensions despite previously being overshadowed by the global shift toward environmentally friendly energy trends.

“Although the refining and petrochemical sectors had been somewhat neglected amid the green transition, recent geopolitical developments have once again highlighted how heavily economies still depend on these industries,” Hwang said. “However, we must also soberly assess the difficult realities they face.”

He noted that the petrochemical industry is experiencing a structural downturn caused by worsening oversupply in global markets, while refiners are grappling with uncertainties stemming from crude oil supply instability and volatile refining margins driven by geopolitical risks.

Hwang stressed that internal industry-led innovation is essential to overcoming the crisis.

“We need to discuss ways to strengthen industrial competitiveness through restructuring, recalibrating investment strategies and shifting toward high-value specialty products,” he said.

He added that the forum would focus on supply chain stabilization strategies amid oil supply disruptions and explore survival strategies suited to rapidly changing global conditions.

“I hope this forum becomes an opportunity for Korea’s refining and petrochemical industries to overcome the current crisis and make a new leap forward,” he said.

The forum was hosted by Na Kyung-won of the People Power Party and organized by AsiaToday.

#Keywords Hwang Seok-soon #AsiaToday #K-Industry Vision Forum #petrochemical industry #oil refining