Petrochemical companies at an industrial complex in Yeosu submitted a joint business restructuring plan Friday, part of an industrywide self-rescue initiative of ailing companies in the sector, the industry ministry said. Under the coordinated industry plan, Lotte Chemical will spin off its naphtha cracking center (NCC) operations at the Yeosu petrochemical industrial complex, South Jeolla Province, and merge it with Yeochun NCC, according to the Ministry of Trade, Industry and Resources and the Fair Trade Commission. The merged entity will integrate core businesses of other companies at the complex — DL Chemical and Hanwha Solutions — including DL's polyethylene (PE), and Hanwha's PE and petroleum resin operations, to readjust their NCC facilities and production lines for common petrochemical products. It also plans to shift its business portfolio toward high-value-added products, such as chemical materials for the medical and automotive sectors, as part of efforts to strengthen its long-term competitiveness. The plan was submitted after the government announced in August its plan t