07 November 2012 11:21 [Source: ICIS news]
TOKYO (ICIS)--Japanese refiner JX Nippon Oil & Energy said on Wednesday that it and South Korean chemical producer SK Global Chemical have started building their joint paraxylene plant in Ulsan, South Korea on 6 November.
The plant, which will have a 1m tonne/year paraxylene capacity, will be operated by a joint venture entity called Ulsan Aromatics (UAC), JX Nippon Oil said in a statement.
The PX plant being built at the SK Group’s Ulsan chemical complex is due to start commercial production in August 2014, the Japanese firm said.
UAC was established in June 2012, based on an agreement signed between JX Nippon Oil and SK Innovation – the parent firm of SK Global Chemical.
In August 2011, the cost of the PX project was estimated at won (W) 1,000bn ($917m).
($1 = W1,090)
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