Japan's Cosmo Oil Co to invest in joint petrochemical project in South Korea

25-Nov-09

Japan's Cosmo Oil Co. Ltd. plans to invest US$600 mln in a joint petrochemical project in South Korea with Hyundai Oilbank. The facility is planned to be a benzene, toluene and xylene (BTX) plant to be completed by 2013. The two partners will hold equal 50% stake each in the project. On its part, Hyundai Oilbank will provide land and related production facilities for the new plant instead of a cash investment. Cosmo Oil is Japan's number 4 refiner and Hyundai Oilbank is South Korea's smallest oil refiner.