SEOUL - South Korea's Hyundai Oilbank said on Tuesday Japan's Cosmo Oil Co Ltd will invest $600 million for a joint project to build a petrochemical plant in South Korea.

Japan's fourth-biggest refiner and South Korea's smallest oil refiner will hold 50 percent stakes in the benzene, toluene and xylene plant to be completed by 2013, Hyundai Oilbank said in a statement.

Instead of a cash investment, Hyundai Oilbank will provide land and related production facilities for the new plant. (Reporting by Cho Meeyoung; Editing by Michael Urquhart)