Hyundai Oilbank, Lotte Chemical eye mixed xylenes venture in South Korea
By IN-SOO NAM
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.
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