Hyundai Oilbank starts upgrading project

South Korea’s Hyundai Oilbank said it has started work on a new heavy oil upgrading plant, which it said, was a “key project for sustainable growth.” The refiner signed a deal with two local builders to construct a residual fluid catalytic cracker with a capacity of 52,000 barrels per day (bpd) by the end of July 2011. The plant, which will turn Bunker-C oil and other low-priced fuel oil into higher value light oils such as diesel fuel, gasoline and kerosene, will be sited at the refiner’s complex in Daesan, south of Seoul. The refiner plans to spend a total of 2.1 trillion won (US$1.03 billion) for the upgrading project. (November 25, 2008)