Hyundai Oilbank, Lotte Chemical eye mixed xylenes venture in South Korea


SEOUL -- South Korea's Hyundai Oilbank and Lotte Chemical will jointly build a petrochemical factory, Hyundai Oilbank Co. said on Wednesday.

The 1 trillion won ($892 million) factory at Seosan, southwest of Seoul, will be finished by late 2016, it added.

It will make 1 million metric tons each of mixed xylenes and light naphtha, allowing the companies to cut imports of these by about 2 trillion won worth each year, Hyundai Oilbank said in a statement.

A final agreement should be reached before the end of the year, it said.

Hyundai Cosmo -- jointly owned by Japan's Cosmo Oil and Hyundai Oilbank -- and Lotte Chemical will take the mixed xylenes and Lotte Chemical the light naphtha.

Mixed xylene is a feedstock used to make xylene.

Dow Jones Newswires


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