CEPSA, Hyundai plan aromatics

Spain's Compañía Española de Petróleos (CEPSA) has signed a memorandum of understanding with Korean refiner Hyundai Oilbank to build a large aromatics unit in Daesan, South Korea, where Hyundai has a refinery. The partners expect the 50-50 venture to come on-line in late 2009. The complex would annually produce up to 600,000 metric tons of p-xylene, 150,000 metric tons of benzene, and 300,000 metric tons of cumene. The joint venture would also own an adjacent Hyundai aromatics complex that makes p-xylene and benzene. The output of the new complex will be used to feed petrochemical projects CEPSA plans to build in Asia. Surplus material would be sold on the open market.