KOREA (SOUTH): Hyundai Oilbank to invest KRW 260 billion to beef up petrochemicals production
Hyundai Oilbank Co., a refining unit of Hyundai Heavy Industries Group, said Wednesday (3 July 2019) it will invest KRW 260 billion (USD 221 million) to beef up its petrochemicals production. Hyundai Oilbank said its affiliate Hyundai Chemical Co. will chip in KRW 100 billion to expand its production of mixed xylene, a core material for BTX (benzene, toluene and xylenes) production. The investment will increase the company’s mixed xylene output to 1.4 million tons from 1.2 million tons per year.
Hyundai Oilbank added its subsidiary Hyundai Cosmo Petrochemical Co. will inject KRW 160 billion to increase its paraxylene output to 1.36 million tons from 1.28 million tons per year. The expansion process is expected to be completed by June 2020, it added. “These petrochemicals capacity expansions will increase our operating profit by KRW 86 billion,” the company said in a statement. “Once our Heavy Feed Petrochemical Complex (HPC) starts operating in 2022, we believe petrochemicals will account for half of the company’s operating profit from the current 25 percent level.”
Source: Yonhap News Agency, Seoul; 3 July 2019
(Syed Rashid Ali, Karachi, Pakistan)