Hyundai Oilbank Expands Petrochemical Production

---

Researched by Industrial Info Resources (Sugar Land, Texas)--Daesan Aromatics, a joint venture composed of Hyundai Oilbank Company Limited (HDO) (Jung, Seoul, Korea), a subsidiary of International Petroleum Investment Company (IPIC) (Abu Dhabi, United Arab Emirates), and Compañia Española de Petróleos (CEPSA) (Madrid, Spain), a recognized partner of IPIC, broke ground on a petrochemical complex this month.

In May 2006, CEPSA and HDO signed a 50:50 memorandum of understanding stating that the new joint venture company, Daesan Aromatics, would take over HDO's existing Daesan Refinery and construct a petrochemical complex at the site. The complex, set to be completed by March 2011, will be able to produce 840,000 metric tons of paraxylene per year, 290,000 metric tons of benzene per year, and 300,000 metric tons of cumene per year. HDO currently produces about 470,000 metric tons of petrochemicals annually; the establishment of Daesan Aromatics will allow HDO to produce an additional 1.4 million metric tons per year.

The US$1.2 billion project is part of HDO's goal to focus attention on domestic demands for petrochemicals and to explore new export channels. Currently, 80% to 90% of HDO's petrochemicals are exported of China, Taiwan and Southeast Asia.

View Plant Profile - 1069557
View Project Report - 91000128 91000129 91000130

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.