Hyundai Oilbank and Lotte Chemical Corp. have signed a memorandum of understanding to build facilities for the production of mixed xylene and light naphtha. The $894-million project will be built in Seosan, Korea, the site of Hyundai Oilbank's 390 kbpd refinery. The joint venture plans to produce 1.0 mta of mixed xylene and 1.0 mta of naphtha. Production is expected to begin in 2H16.