GS Caltex delays completion of gasoline unit

GS Caltex Corp., South Korea’s second largest refiner, has delayed by two years the completion of one of two units under its refinery upgrading project due to weak demand. The 53,000 barrel a day fluid catalytic cracker project at Yeosu will be completed in 2012 instead, a company spokesman said. But the company still hopes to complete a 60,000 barrel a day hydrocracker project in 2010, according to the spokesman. The two units cost more than 3 trillion won (US$2.60 billion). (October 16, 2009)