The government announced Wednesday a 2.1 trillion-won ($1.45 billion) financial package to support the restructuring project of Lotte Chemical Corp. and HD Hyundai Chemical at the Daesan industrial complex, the first authorized project of a broader self-rescue plan of the ailing petrochemical sector. The two companies finalized their restructuring plan last year, under which Lotte Chemical will spin off its naphtha cracking center (NCC) at the Daesan petrochemical complex in Seosan, about 100 kilometers south of Seoul, to create a new entity with HD Hyundai Chemical. Under the plan, the first restructuring program in the petrochemical sector approved by the government, the companies aim to voluntarily reduce their NCC capacity by 1.1 million tons amid a supply glut, and work toward a transition to high-value and eco-friendly products. Fourteen other major petrochemical firms have also submitted their business restructuring plans as the government vowed last year to provide support for companies putting in "voluntary" self-rescue efforts. The 2.1 trillion-won support package for Lotte Che