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HD Hyundai Oilbank |
[Alpha Biz= Reporter Kim Jisun] HD Hyundai Oilbank announced on the 31st that it has signed an agreement with Japan's Cosmo Oil to acquire 100% ownership of their joint venture, HD Hyundai Cosmo. Established in 2009 with equal investment from both HD Hyundai Oilbank and Cosmo Oil, HD Hyundai Cosmo primarily produces paraxylene (PX), a key material for petrochemical products. However, increasing competition from Chinese companies has led to a decline in profitability.
By acquiring full control of HD Hyundai Cosmo, HD Hyundai Oilbank plans to focus production on higher-margin products, adapting to current market demands. The two companies also signed a memorandum of understanding to collaborate on future energy initiatives. These include sustainable aviation fuel (SAF), recycled naphtha, pyrolysis oil, lubricants, and carbon capture, utilization, and storage (CCUS).
HD Hyundai Oilbank will officially acquire HD Hyundai Cosmo's shares on November 1, with the merger set to be completed by December 30.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
