S-Oil raises capital spending
S-Oil Corp., South Korea’s third-largest refiner by capacity, said it would increase its capital expenditure (capex) to 865.8 billion won (US$606.6 million) in 2009 from 349 billion won (US$244.52 million) in 2008. Of the total, 128.3 billion won (US$89.89 million) is planned for upgrading and maintenance of its facilities and 620 billion won (US$434.60 million) for refinery expansion and alkylation projects. (January 23, 2009)