Hyundai Oilbank shareholders to vote on BTX plant

By Nam Kwang-sik
SEOUL, Nov. 23 (Yonhap) -- Hyundai Oilbank Corp., South Korea's fourth-largest
oil refiner, said Monday its shareholders will vote this week on a plan to build
a petrochemical plant in the western area of the country.
In June, Hyundai Oilbank and Japanese oil refiner Cosmo Oil Co. signed a US$1.2
billion deal to build a BTX plant in Daesan, a coastal city 137 kilometers
southwest of Seoul, by April 2013. BTX is a composite mix of benzene, toluene and
xylene.
"Work on the plant will be launched if shareholders of Hyundai Oilbank approve
the plan on Tuesday," said Kim Sung-young, a spokesman at the South Korean
refiner.
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 passing its
expertise in heavy-oil refining technology on to Hyundai Oilbank.
International Petroleum Investment Co. (IPIC) of the United Arab Emirates (UAE)
holds a 70 percent stake in Hyundai Oilbank and a 20 percent interest in Cosmo
Oil.
On Nov. 12, the Singapore International Arbitration Center (SIAC) ordered IPIC to
sell its 70 percent stake, or 171 million shares, in Hyundai Oilbank to Hyundai
Heavy Industries Co. for 15,000 won apiece.
ksnam@yna.co.kr
(END)