Hyundai Oilbank, Cosmo Oil Move Forward with Massive Seosan Petrochemicals Expansion

TOKYO, JAPAN--September 7, 2010--Researched by Industrial Info Resources (Sugar Land, Texas)--Last summer, Hyundai Oilbank Company Limited (HDO) (Seoul, South Korea) announced that it would team up with Cosmo Oil Company Limited (TYO:5007) (Tokyo, Japan) to establish a 50:50 joint venture in November 2009 to produce paraxylene. The venture, HC Petrochemical Company Limited (Seoul), began operations at the end of 2009 after acquiring an existing 380,000-metric-ton-per-year plant from HDO.