According to South Korea’s Energy Ministry, the company will set up heavy oil upgrading and petrochemical units by investing KRW5 trillion through 2017, while the remaining amount will be spent later for additional petrochemical units.
As a part of its plans, S-Oil will build atmospheric residue desulfurization and residue fluid catalytic cracker units with 45,000 and 75,000bpd capacities, respectively, reported Reuters citing sources.
The company has recently bought land in Ulsan from state-run Korea National Oil for its facilities.
In addition, the South Korean refiner is expanding its heavy oil upgrading unit to increase its gasoline production by 50% to over 218,000bpd.
