> News Release > 2012 > Taiyo Oil, GS Caltex and Showa Shell signed an MOU for New Paraxylene (PX) Project

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Taiyo Oil, GS Caltex and Showa Shell signed an MOU for New Paraxylene (PX) Project

Taiyo Oil (President, Yutaka Oka), GS Caltex (Chairman & CEO, Dong-Soo Hur) and Showa Shell K. K. (Chairman, Representative Director, Shigeya Kato) signed an MOU for new PX (Paraxylene) project at GS Caltex head office in Seoul, Korea.

In the MOU, the three companies agreed to cooperate in materializing the new PX project for capacity increase of an annual production from 1.35 million ton per year to 2.35 million ton per year at the GS Caltex Yeosu Complex in Korea. 

By completion of this capacity increase, this plant becomes the world's largest plant at a single site.
PX is a basic raw material of polyester, which is used to make fibers and pet bottles. The demand of PX is on the rise in Asia, especially in China and India.Through the cooperation amongst the three companies, the competitiveness of the PX business from feed sourcing and production to marketing will be increased.

Signing Day of MOU

April 10th, 2012

Venue of Signing

Head Office, GS Caltex

Signatory

Taiyo Oil President, Yutaka Oka
GS Caltex Chairman & CEO, Dr. Dong-Soo Hur
Showa Shell Chairman, Representative Director, Mr.Shigeya Kato
Signatory