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Japan’s JX Holdings and South Korea’s SK Innovation have formed a joint venture to build in Ulsan, South Korea, what they say will be the world’s largest p-xylene facility. Requiring an investment of $1 billion, the 1 million-metric-ton-per-year plant is scheduled to open in 2014. The companies say the facility’s large scale will provide it with a strong cost position in Asia at a time of rising demand for the polyester intermediate. The partners will also spend $365 million to set up a lubricating oil venture in Ulsan.
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