By MARI IWATA
TOKYO -- A paraxylene plant jointly built by Cosmo Oil and
Hyundai Oilbank in South Korea began commercial operations
Friday, five months earlier than planned, Cosmo said in a
With the plant's annual output of 800,000 metric tons of
paraxylene and 120,000 tons of benzene, the two companies aim
to grab a sizeable chunk of Asia's growing petrochemical market, Cosmo
Paraxylene is used in producing polyester, a raw material
for plastic bottles and textiles.
Cosmo also aims to reduce local light distillate supply by
exporting to the paraxylene plant, as demand for gasoline is on
the decline in Japan, according to the statement.
Dow Jones Newswires