Oct. 20 (Bloomberg) -- S-Oil Corp., South Korea’s third- biggest oil refiner, completed the expansion of its paraxylene plant, the first investment since Hanjin Group bought a stake in the company.
The refiner spent 1.3 trillion won ($1.1 billion) on building a second complex to increase paraxylene and benzene output at its Onsan refinery in Ulsan, South Korea, S-Oil said in an e-mailed statement today.
Output at the plant will more than double, enabling the refiner to generate more than $2 billion of sales a year, according to the statement. The refinery will produce 1.7 million metric tons of paraxylene, 560,000 tons of benzene and 200,000 tons of propylene a year as well as refine 669,000 barrels of crude a day, according to the statement.
It’s the company’s first project since Hanjin, a South Korean industrial group, acquired 28.4 percent of S-Oil in April 2007, becoming its second-biggest shareholder. Saudi Arabian Oil Co. has 35 percent.
Ali Al-Naimi, Saudi Arabia’s minister of petroleum, attended a completion ceremony at the plant, according to the statement.
--Editors: Aaron Sheldrick, Baldave Singh
To contact the reporters on this story: Sangim Han in Seoul at email@example.com
To contact the editor responsible for this story: Amit Prakash at firstname.lastname@example.org