South Korea's fourth-biggest refiner Hyundai Oilbank Corp. has reached an initial deal with Compania Espanola de Petroleos, S.A. (Cepsa), the Spanish energy group to build a petrochemical unit near its 390,000 bpd Daesan refinery. Upon board approval, Hyundai and Cepsa will set up a 50:50 joint venture to build a 600,000 tpa of benzene, toluene and xylene (BTX) unit.
The unit will more than double Hyundai's total BTX production capacity to 1.07 million tpa, and the output from the unit will be mostly supplied to Cepsa's units in Asia. Cepsa produces more than 4 million tpa of petrochemical products, and it has production facilities in Spain, Brazil and Canada. UAE's IPIC, which owns a 70% stake in Hyundai, also holds stakes in Cepsa.
10-May-06 
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