South Korea’s S-Oil is to invest KRW1.4tn ($1.1bn) to finish expanding its Onsan factory in Ulsan, South Korea, to meet a growing demand for petrochemical products from across Asia.
S-Oil said that once the facility is running in 2011 it hopes to double its para-xylene and benzene production capacities to 1,600,000t and 580,000t, respectively.
S-Oil said it also plans to raise its refining capacity to 630,000 bpd from the current 580,000 bpd in order to secure naphtha, a feedstock for petrochemical production.
Construction is expected to be complete by June 2011.
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