Hyundai Oilbank Co., Korea's fourth-largest refiner, said Wednesday it has completed its BTX plant in the southwestern coastal area of the country, which is slated to start commercial production from January of next year.
Hyundai Oilbank teamed up with Cosmo Oil Co., a Japanese refiner, to build the plant with a production capacity of 100 tons of BTX in Daesan, a coastal city 137 kilometers southwest of Seoul, the company said in a statement.
The completion of the 600 billion won ($ 551.6 million) plant will increase the Korean refiner's production capacity to 150 tons from the current 50 tons, the company said. BTX is a composite mix of benzene, toluene and xylene.
If the plant starts mass production from January, Hyundai Oilbank will be able to annually export BTX worth about 1 trillion won, the company said.
In April 2008, the two companies set up a strategic alliance to cooperate in various areas inside China and the United States, with Cosmo Oil sharing its expertise in heavy-oil refining technology with Hyundai Oilbank.
Two months later after the establishment of the alliance, they reached an agreement to build the BTX plant in Daesan by April 2013. (Yonhap)