Cosmo Oil, Hyundai Oilbank to Establish Para-Xylene JV in Korea

Japanese refiner Cosmo Oil (Tokyo) says it has signed an agreement with Korean refiner Hyundai Oilbank (Seoul) for the establishment of a 50-50 joint venture company that will produce and sell para-xylene and other related products. The jv company will be set up in September 2009 and will be located in Korea. The total investment in the project will be about $1.02 billion, say press reports. Hyundai Oilbank had signed an agreement with Compañía Española de Petróleos (Cepsa; Madrid) in 2006 to form a 50-50 aromatics production joint...

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