28 September 2012 20:05 [Source: ICIS news]
TOKYO (ICIS)--Japan’s largest refiner, JX Nippon Oil & Energy, will launch a joint venture in October with South Korea’s SK Lubricants to produce base oils at Ulsan, South Korea, because of an expected increase in demand, the company said on Friday.
The two companies will produce 1.35m tonnes/year of base oil, JX said.
The firm announced in August 2011 it had reached a basic agreement with SK Innovation, SK Lubricants’ parent, to establish a joint venture. Since then, they have changed the business scheme because of changes in South Korea’s laws, JX said.
JX and SK Innovation originally planned to start the business in July 2012.
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