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.
April 10th, 2012
Head Office, GS Caltex
|Taiyo Oil||President, Yutaka Oka|
|GS Caltex||Chairman & CEO, Dr. Dong-Soo Hur|
|Showa Shell||Chairman, Representative Director, Mr.Shigeya Kato|