Issue Date: June 15, 2009
Japan's Cosmo Makes Aromatics Investment
Japanese oil refiner Cosmo Oil will boost its presence in the Asian aromatics business. The firm will take a 50% stake in a 380,000-metric-ton-per-year p-xylene plant and related facilities operated by Hyundai Oilbank in Daesan, South Korea. The two companies have also agreed to build a $1 billion, 800,000-metric-ton p-xylene unit at the site by 2012, mainly to supply the Chinese polyester market. Hyundai Oilbank is 70% owned by the government of Abu Dhabi, United Arab Emirates. In addition, Cosmo plans to build a mixed xylene unit in Yokkaichi, Japan, by 2011.
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