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

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
January 2017

January 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