S Korea’s Lotte Chem, Hyundail Oilbank agree on $896m xylenes JV

17 July 2013 10:42  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Lotte Chemical Corp and Hyundai Oilbank on Wednesday agreed to jointly build a won (W) 1,000bn ($896m) condensate splitter and reformer in Daesan, a company source said on Wednesday.

The new facility, expected to produce 1m tonnes/year of mixed xylenes (MX) , is slated to begin commercial operations by the second-half of 2016, the source said.

“All output would be split equally between Hyundai Cosmo and Lotte Chemical’s paraxylene (PX) units,” the source added.

Light naphtha output from the new unit, which will process about 110,000 bbl/day of condensate, will be transported to the Lotte Daesan NCC complex and used as feedstock for producing petrochemicals, according to the source.

($1 = W1,116)

By: Hazel Kumari
+65 6780 4327

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