 South Korea’s third largest refiner S-Oil Corp is set to invest $7.49 billion to build heavy oil upgrading units, according to Reuters.
S-Oil plans to spend $4.66 billion by 2017 to build heavy oil upgrading and petrochemical units, and then $2.83 billion later to build additional petrochemical units, the ministry said.
Sources told Reuters on Friday S-Oil was expanding its heavy oil upgrading unit to raise gasoline production by nearly 50 percent to up to 218,000 barrels per day.
The sources said S-Oil would build a 45,000 bpd atmospheric residue desulphurization unit and an up to 70,000-bpd residue fluid catalytic cracker (RFCC), although Monday’s ministry statement did not elaborate.
An S-Oil spokesman declined to comment on its investment plans.
S-Oil’s largest shareholder is Aramco Overseas Co B.V, with a 35% stake.
