GS Caltex completes new plant

GS Caltex Corp. has completed the construction of a new oil upgrading facility about two months ahead of schedule. The 1.5 trillion won (US$1.6 billion) – 55,000 barrel-per-day heavy oil upgrading unit in Yeousu, Korea, will start production in October, the company said. The nation’s second-largest refinery expects the new facility to bring an additional annual revenue of around 300 billion won (US$330 million). The heavy oil upgrading plant is capable of converting low-quality oil into higher value gasoline and jet fuel. Meanwhile, GS Caltex Chairman Hur Dong-soo said the company will invest up to US$3.19 billion to build a third unit by 2010. (September 6, 2007)