MoU for 1 million t/y Paraxylene extension in Yeosu
Showa Shell Sekiyu K. K. (Showa Shell) from Japan, GS Caltex from South Korea, and Taiyo Oil from Japan signed a Memorandum of Understanding (MoU) for new Paraxylene (PX) project at GS Caltex Petrochemical complex in Yeosu, South Korea.
The actual facilities produce already 1.35 million t/y Paraxylene and makes GS Caltex one of the biggest producer in the Asia Pacific region.
In the MoU, the three companies agreed to cooperate in materializing the extension of 1 million t/y new PX project for capacity increase to 2.35 million t/y at the GS Caltex Yeosu Complex in South Korea.
By completion of this capacity increase, this plant becomes the world’s largest PX plant at a single site and one of the largest Aromatics facility in the world with 2.8 million t/y
PX is a basic raw material of polyester, which is used to make fibers and pet bottles.
The demand of PX is expected to further rise in Asia, especially in China and India.
Plans to complete the world’s largest PX Plant at a single site by the end of 2014
Showa Shell in brief
Shell in Japan has a history of over a hundred years of serving the local needs of the Japanese community.
GS Caltex in brief
It’s R&D Center focuses on new energy development as well as more efficient petroleum production techniques and higher value chemical production.
GS Caltex is a joint venture between GS Holdings and Chevron.
Taiyo Oil in brief
Presently, Taiyo Oil has stake in Angola Japan Oil Co. Ltd. and CIECO North Sea Limited, which, having found offshore oil fields in Angola and in the UK’s North Sea.