Hyundai Oilbank plans expansion

Hyundai Oilbank Co., will spend 2.1 trillion won (US$2.2 billion) to expand output of higher-priced, cleaner-burning fuels. Hyundai Oilbank, Korea’s fourth-biggest oil refiner will build an additional 52,000 barrel-a-day desulfurizing and residual fluid catalytic cracking unit, or RFCC, the company said on June 1. The company expects the project to be completed by 2011. The expansion will increase Hyundai Oilbanks refining capacity to 116,000 barrels per day, boosting the companys cleaner fuels output to about 30% of the companys total refining capacity. The project is part of the companys plan to increase its ability to turn less-expensive crude oil into products that meet U.S. and European emission standards. (June 2, 2007)