Hyundai Chemical’s mixed-xylene plant starts operations

Hyundai Oilbank said Tuesday that its Hyundai Chemical plant, a newly built joint-venture with Lotte Chemical, has begun to produce mixed-xylene (MX),.

MX is a mixture of benzene, toluene and xylene and is used to produce polyester, PET and gasoline additives.

The plant in Seosan, South Chungcheong Province, will produce 1.2 million tons of MX and 1 million tons of light naphtha annually, and 50,000 barrels of petroleum products such as diesel and jet aircraft fuel daily by processing ultra light oil condensate.

MX produced at the facility will be supplied to Hyundai Cosmo Petrochemical and Lotte Chemical.

The two will be stably provided with MX, which had not been possible due to the expansion of petrochemical plants in China.

Hyundai Chemical is expected to earn 1 trillion won ($855 million) every year replacing its imports of MX and light naphtha, and also expects to export about 1.5 trillion won worth of petroleum products every year.

Hyundai Oilbank said it has invested 1.2 trillion won to build the plant.

Its total refining capacity has increased from 390,000 barrels a day to 520,000, ranking it 11th in the world, up from 22nd.