Hyundai Oilbank almost ready to switch on new BTX plant

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Hyundai Oilbank almost ready to switch on new BTX plant

Hyundai Oilbank said yesterday it has completed its BTX plant in the southwestern coastal area of the country, which is slated to start commercial production from January.

It teamed up with Cosmo Oil, a Japanese refiner, to build the plant with a production capacity of 100 tons of BTX in Daesan, a coastal city 137 kilometers southwest of Seoul, the company said in a statement.

The completion of the 600 billion won plant will increase the Korean refiner’s production capacity to 150 tons from 50 tons, it said. BTX is a composite mix of benzene, toluene and xylene.

If the plant starts mass production from January, Hyundai Oilbank will be able to annually export BTX worth about 1 trillion won, the company said.

In April 2008, the two companies set up a strategic alliance to cooperate in various areas inside China and the United States, with Cosmo Oil sharing its expertise in heavy-oil refining technology with Hyundai Oilbank.

Two months after establishing the alliance, they reached an agreement to build the plant by April 2013.

Yonhap

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