Japan's JX Nippon Oil & Energy Corp will cooperate for a new venture in petrochemicals and lubricating oils with SK Innovation Co of South Korea, as per Nikkei Business Daily. A total of 120 bln yen (US$1.52 bln) will be invested in two new production ventures at SK's refinery complex in Ulsan, South Korea, of which JX Energy will invest over 50 billion yen.
The new petrochemicals and lubricants factories will be located at SK innovations' refinery complex in Ulsan with an investment outlay of 90 billion yen. For petrochemicals, the JX Holdings Inc unit will form a 50:50 venture with SK Global Chemical Co, a unit of SK Innovation. Production of paraxylene at the 1 mln tpa plant, is expected to come online sometime in 2014. This will be one of the largest PX plants in the world.
05-Aug-11 
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