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South Korean firms sign MoU for M-xylene, naphtha plant
23 Jul '13
1 min read
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
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