Refiner to build $1B plant in Yeosu
GS Caltex Co., Korea’s second-largest refiner, said yesterday that it will invest 1.1 trillion won ($1 billion) to build its fourth heavy-oil processing plant on the country’s south coast.The facility, which will convert heavy oil into transportation fuels such as gasoline and diesel, will be built in Yeosu, 455 kilometers (282.7 miles) south of Seoul, by 2013, GS Caltex said in a statement.
When the plant, slated to process 53,000 barrels of heavy oil, is completed, it will boost GS Caltex’s daily heavy-oil processing capacity to 268,000 barrels, making the refiner the country’s largest processor of heavy oil, the company said.
GS Caltex’s ratio of heavy-oil processing capacity to total refining facilities will be increased to 35.5 percent from the current 28.3 percent, the refiner said.
Hyundai Oilbank Corp., the country’s fourth-largest refiner, plans to increase the ratio to 30.8 percent in the second half of the year when it will start operating its second heavy-oil cracker, GS Caltex said.
The ratios of top refiner SK Energy Co. and No. 3 refiner S-Oil Corp. are 15.4 percent and 25.5 percent, respectively.
GS Caltex predicted that its annual sales will grow by 400 billion won in terms of the current oil prices after the completion of its planned heavy-oil cracker.
Yonhap
with the Korea JoongAng Daily
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