Japan's JX Nippon Oil & Energy has signed a joint venture (JV) agreement with South Korea's SK Global Chemical to set up a one million mt/year paraxylene (PX) plant at Ulsan, South Korea's seventh largest metropolitan city.
The two companies will form a 50:50 joint venture company to build the new plant at an estimated cost of Yen 80 billion or approximately USD one billion. The new PX plant will be established at SK's 840,000 b/d refinery in Ulsan and commercial operations are scheduled to begin in 2014.
SK Global Chemical is the leading petrochemical company in South Korea and is a wholly-owned subsidiary of refiner SK Innovation. JX Nippon Oil & Energy Corporation is into refining and marketing of petroleum and petrochemical products, besides other items.
The decision to set up a PX plant through a joint venture is in line with an agreement in January 2007. The decision acquires importance in view of the rising PX demand for polyester production.
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