S.Korea's GS Caltex to spend $1.8 bln to build olefins plant

GS Holdings

07/02/2018 06:58

SEOUL, Feb 7 (Reuters) - GS Caltex  GSCAL.UL , South Korea's 
second-biggest refiner, said on Wednesday it plans to invest 
about 2 trillion won ($1.84 billion) and build a new olefins 
plant to expand its business.  
    The company plans to start commercial operation of the 
olefins plant, or mixed feed cracker (MFC), in 2022, and the 
plant is expected to churn out 700,000 tonnes per year of 
ethylene and 500,000 tonnes per year of polyethylene, the 
refiner said in a statement.  
    The new plant will use naphtha and liquefied petroleum gas 
as its main stock, and be constructed in the southwestern city 
of Yeosu, where GS Caltex's 790,000 barrels-per-day refinery is 
already located, according to the statement.  
    GS Caltex is equally owned by GS Holdings  078930.KS  and 
U.S.-based Chevron Corp  CVX.N .  
     
    ($1 = 1,084.6900 won) 
     
 
 (Reporting By Jane Chung; Editing by Sherry Jacob-Phillips) 
 ((jane.chung@thomsonreuters.com; +82 2 3704 5667; Reuters 
Messaging: jane.chung.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA GSCALTEX/