S-Oil invests $7.5 billion in refinery upgrade

Mar 03, 2014 12:00 AM

South Korea’s third largest refiner S-Oil Corp is said to invest $7.49 billion to build heavy oil upgrading units.

S-Oil plans to spend $4.66 billion by 2017 to build heavy oil upgrading and petrochemical units, and then $2.83 billion later to build additional petrochemical units, the ministry said.

Sources told S-Oil was expanding its heavy oil upgrading unit to raise gasoline production by nearly 50 percent to up to 218,000 barrels per day.

The sources said S-Oil would build a 45,000 bpd atmospheric residue desulphurization unit and an up to 70,000-bpd residue fluid catalytic cracker (RFCC), although Monday's ministry statement did not elaborate.

S-Oil's largest shareholder is Aramco Overseas Co B.V, with a 35% stake.

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