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South Korean firm launches JV to set up M-xylene plant
Jan '14
Hyundai Oilbank, one of South Korea’s largest oil refiners, recently launched a joint venture (JV) with local petrochemical firm Lotte Chemicals Corp., in order to build two plants, one to produce mixed xylene (M-xylene) and other for refining condensate.
The JV would be building the two plants at an estimated cost of 1.2 trillion won (approx. US$ 1.1 billion) in the coastal city of Seosan, located 151 kms south of the capital city of Seoul, reports South Korean news agency Yonhap.
Hyundai Oilbank would hold a 60 percent stake in the joint venture, while Lotte Chemical will own the rest 40 percent. The construction of the plants is expected to be completed by the second half of 2016.
Lotte Chemical would be utilizing mixed xylene from the project for the production of petrochemicals, whereas Hyundai Cosmo, a joint venture between Cosmo Oil and Hyundai Oilbank, would also be using the mixed-xylene to manufacture xylene after processing.
M-xylene is one of the several organic chemicals used in the textile industry.  

Fibre2fashion News Desk-India

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