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Hyundai Oilbank, Lotte Chemical to launch joint venture

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(GlobalPost/GlobalPost)

SEOUL, Jan. 21 (Yonhap) -- Hyundai Oilbank Co., South Korea's fourth-largest refiner, teamed up with local petrochemical firm Lotte Chemical Corp. on Tuesday to jointly build plants in the southwestern part of the country.

Their joint venture will build two plants at an estimated cost of 1.2 trillion won (US$1.1 billion) in Seosan, a coastal city 151 kilometers south of Seoul, by the second half of 2016, the companies said.

Hyundai Oilbank will hold a 60 percent stake in the joint venture, with Lotte Chemical owning the rest.

One of the two plants is for refining condensate, a type of crude, and the other is to produce mixed xylene, which is used as a pesticide or solvent for paint.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/140121/hyundai-oilbank-lotte-chemical-launch-joint-venture