Home / Knowledge / News / Textiles / South Korean firms sign MoU for M-xylene, naphtha plant
South Korean firms sign MoU for M-xylene, naphtha plant
23
Jul '13
South Korean refiner Hyundai Oilbank and Lotte Chemical Corp, a South Korean petrochemicals company have initiated a deal to build a new plant in the south-western part of South Korea.
 
Both the companies signed a Memorandum of Understanding (MoU) recently for the project.
 
The companies plan to spend 1 trillion won (US$ 895 million) jointly to produce a million tons per year each of mixed-xylene and light straight-run naptha in Seosan, a coastal city 150 kms from Seoul, South Korea.
 
The new plant would have a capacity to process 110,000 barrels per day (bpd) and is scheduled to be fully functional by the second half of 2016, according to a Reuters report.
 
Lotte Chemical Corp would use both mixed-xylene and light naptha from the project for the production of petrochemicals, whereas Hyundai Cosmo, a joint venture between Cosmo Oil and Hyundai Oilbank, would use the mixed-xylene which is used to manufacture xylene after processing.
 
Naphtha is a key raw material for polyester value chain. M-xylene is one of the several organic chemicals used in the textile industry.
 

Fibre2fashion News Desk - India


Must ReadView All

IOC, MCPI to set up ₹1000 cr PSF unit in Odisha

Textiles | On 23rd May 2018

IOC, MCPI to set up ₹1000 cr PSF unit in Odisha

Indian Oil Corporation (IOC) has teamed up with Materials Chemicals...

Courtesy: Marks and Spencer

Apparel/Garments | On 23rd May 2018

M&S to close 14 Clothing & Home stores by 2019

Marks & Spencer (M&S), a leading British multi-national retailer,...

Garment products dominate across textile businesses: FESPA

Textiles | On 23rd May 2018

Garment products dominate across textile businesses: FESPA

Garment products dominate across all textile businesses, with sports...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search