18 January 2013 10:13 [Source: ICIS news]
SINGAPORE (ICIS)--Hyundai Cosmo Petrochemical (HCP) shipped out its first cargo from its new 800,000 tonne/year paraxylene (PX) plant at Daesan in South Korea on Friday, its parent firm Cosmo Oil said on Friday.
“Cosmo will supply mixed-xylene, which is extracted from the gasoline fraction to manage the declining domestic demand for gasoline, as feedstock for the new PX Unit and further enhance business profitability in the petrochemicals field,” Cosmo Oil said.
The plant was completed on 13 November 2012. Cosmo Oil said that production has started at the plant five months ahead of schedule.
HCP, which is a 50:50 joint venture between Japan’s Cosmo Oil and South Korea’s Hyundai Oilbank, has a total production capacity of 1.18m tonnes/year of PX and 250,000 tonnes/year of benzene in Daesan.
PX is a raw material for producing polyester, which is used in clothes, as well as polyethylene terephthalate resins.
“Polyester demand is expected to grow steadily backed by the increasing population and economic development in Asia with China being the core,” the Japanese refiner said.
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