Hyundai gets okay to expand

Hyundai Oilbank Corp., the fourth largest refiner in South Korea, received local government approval in July to expand its 390,000-barrel-per-day refinery in Seosan City, southwest of Seoul. The company plans to build an 85,000 barrel-per-day (bpd) residual fluid catalytic cracking (RFCC) unit by 2010. The US$2 billion expansion project will allow Hyundai to convert more of its surplus fuel oil supply into higher-value gasoline, which could improve its profits at a time of record-low margins for residual fuel.  (July 11, 2006)