GS-Caltex to build third unit in 2009

South Korea’s second-largest refiner by capacity, GS-Caltex, will start to build a third heavy oil upgrading unit in 2009. The project will cost US$3 billion, said Sang-Ho Chyun, executive vice president of GS-Caltex’s crude and products division. According to Chyun, the third heavy oil upgrading unit will have the same production capacity as the second unit which is under construction and will be completed by the end of 2007 with a capacity of 55,000 barrels per day (bpd). The company’s existing heavy oil upgrading facility has a production capacity of 90,000 bpd. (November 8, 2006)