GS Caltex plans to build third heavy-oil plant

Korea’s GS Caltex Corp. spokesman Ahn Yong-mo said the firm is considering building a new plant to process heavy oil into transportation fuels. Ahn said the board of directors have yet to decide on the plans and has not confirmed when the construction will start. About 2.5 trillion won (US$2.6 billion) will be spent in the construction of the new plant. GS Caltex is spending 1.5 trillion won (US$1.6 billion) on building its second plant in Yeosu, which will also convert heavy oil into transportation fuels. The construction of the second plant is slated for completion by the end of this year. (May 18, 2007)