[S-Oil]
SEOUL -- S-Oil, a petroleum and refinery company controlled by Saudi Aramco, considers investing more than five trillion won ($4.47 billion) to build mixed-feed cracker and olefin downstream facilities by 2023 that could produce high-value petrochemical products.
The company said Wednesday that it would launch a feasibility study to expand facilities at its production base in the southeastern industrial city of Ulsan. Saudi Aramco, Saudi Arabia's state-run oil giant, owns 63.4 percent of S-Oil.
In 2017, exports of South Korean petrochemical products were valued at $30.1 billion, up 33 percent from a year ago, according to the Korea Petroleum Association, which predicted brisk sales of petrochemical products this year on the back of strong global demand.
In February, GS Caltex, jointly owned by Chevron, an American energy group, and South Korea's GS Group, disclosed a new investment plan to build an olefin plant in the southern port city of Yeosu that would produce 700,000 tons of ethylene and 500,000 tons of polyethylene annually. The plant will be completed in 2022.
reporter
Lim Chang-won
cwlim34@ajunews.com
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