S-Oil shelves refinery plans

S-Oil Corporation, South Korea’s third-largest oil refiner, has temporarily put off plans to build a new 3.57 trillion won (US$3.84 billion) refinery in Seosan due to soaring construction and land acquisition costs. The facility, to be built 277 km south of Seoul, was designed to include a 75,000-barrel-per-day (bpd) hydrocracker to produce gasoil and a 75,000-bpd residual fluid catalytic cracker to produce gasoline from fuel oil. The project was targeted for completion in 2010. Construction was scheduled to start in July. (June 14, 2007)