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Hyundai Oilbank, Lotte Chemical sign MOU for xylenes and naphtha production JV

1:31 PM MDT | July 25, 2013 | Natasha Alperowicz

Hyundai Oilbank (Seoul), South Korea's fourth-largest refiner; and Lotte Chemical (Seoul) said today that they have signed a memorandum of agreement to build a joint venture complex at Seosan, South Korea. The companies plan to spend 1 trillion South Korean won ($893.6 million) to build the complex, which will produce 1 million m.t./year of mixed xylenes and 1 million tons of light naphtha. Hyundai Oilbank operates a 390,000-bbl/day refinery at Seosan. Hyundai Cosmo, jointly owned by Cosmo Oil and Hyundai Oilbank, and Lotte Chemical will use the mixed xylenes...

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