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

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Marcel Alberts
Eurofibers

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search