GS Caltex finishes new Czech plant

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GS Caltex finishes new Czech plant

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Celebrating the GS Caltex plant yesterday are, from left, Hyundai Motor Czech Republic chief Kim Joon-ha, Korean Ambassador Moon Ha-yong, GS Caltex CEO Huh Jin-soo, and Karvina Mayor Tomas Hanzel. Provided by the company

GS Caltex, the nation’s second-largest refiner, completed a compound resin plant with production capacity of 30,000 tons a year in the Czech Republic yesterday, the first time a Korean petrochemical company has set up a resin plant in Europe.

The affiliate of GS Group said its plant is built on the 40,000 square meters (9.9 acres) of land at an industrial complex in Karvina, about 370 kilometers (229 miles) east of Prague. The company established its GS Caltex Czech unit in July 2011.

More than 150 guests, including GS Caltex Vice Chairman Huh Jin-soo, Korean Ambassador to the Czech Republic Moon Ha-yong and Karvina Mayor Tomas Hanzel were at the construction completion ceremony.

“We will be able to make one step forward to become a global maker of compound resin in Europe by completing the Czech plant,” Huh said. “GS Caltex will keep making overseas investments in the future to enhance our global competitiveness.”

Compound resin is an engineered plastic material used for making automobile and electronics parts. It modifies and combines polypropylene with various polymers to enhance intensity or other characteristics. GS Caltex also produces compound resin at plants in Langfang and Suzhou, both in China, with a combined annual production of 82,000 tons.

With the completion of its Czech plant, the company’s total compound resin production will go up to 190,000 tons per year, enough to supply the manufacture of 3.8 million cars.

GS Caltex aims to reach an annual capacity of 240,000 tons by 2016 by expanding its new Czech plant to produce 50,000 tons annually.

The refiner said products from its Czech plant will be sold to Korean companies in Europe, such as Hyundai Motor, Kia Motors, LG Electronics and Samsung Electronics.

BY JOO KYUNG-DON [kjoo@joongang.co.kr]

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