Home / Knowledge / News / Textiles / S-OIL begins operation of world's largest single train PX plant
S-OIL begins operation of world's largest single train PX plant
22
Oct '11
S-OIL inaugurated and began commercial operations of the expanded Onsan Refinery on October 20 in Ulju County, Ulsan. The inauguration was done by the Representative Director - Ahmed A Subaey in the presence of President Lee Myung Bak and other VIPs.

The Inauguration celebrating successful completion of petrochemical production plant was attended by close to 1,000 Koreans and foreigners among whom included Saudi Minister of Petroleum and Mineral Resources, Al Naimi, Ulsan City Mayor, Park Maeng Woo, President of Saudi Aramco, Al Fallih and Chairman of Hanjin Group, Cho Yang Ho, both companies of which are majority shareholders of S-OIL, lawmakers representing Ulsan and representatives of contractors.

S-OIL invested 1.3 trillion Won in 'Onsan Refinery Expansion Project' with the vision to secure engine for future growth. S-OIL's annual production capacity of PX (raw material for poly ester) and benzene is 1,700,000 tons and 560,000 tons each, which is almost double the refiner's original production capacity, positioning S-OIL into the one of the most competitive supplier of petrochemical products to the world.

Commercial operation of the world's largest single train PX plant and its Inauguration set a new landmark in both taking Korean petrochemical industry's global status and competitiveness to a higher level and in further vitalizing bilateral economic cooperation and exchanges in the private sector based on the principles of promoting mutual benefits between Saudi Aramco and Hanjin Group as majority shareholders of S-OIL.

In his congratulatory speech, President Lee Myung Bak expected further growth of the Korean oil refining industry from an “industry that refines imported crude oil” into an “industry that produces and exports high value added petroleum products.”

President Lee said that Minister of Petroleum and Mineral Resources of Saudi Arabia Ali Al-Naimi, who had been the CEO of Saudi Aramco, had decided to make a large-scale investment in Korea 20 years ago for the first time among Saudi Arabian companies. He added, “Saudi Aramco, which has made S-OIL what it is now, is a global company that can do everything in relation to oil, ranging from oil development to the refining, transportation and sale of oil.” He also said that Korea and Saudi Arabia could combine mutual strengths and develop global markets since Saudi Aramco selected S-OIL, a Korean company, as its partner.

Saying that S-OIL is a successful model of economic cooperation between an oil producer and an oil consumer and symbolizes economic cooperation between Korea and Saudi Arabia, President Lee hoped that the two nations, which had mutually complementary industrial structures, would create a more advanced cooperation model in the future.

In addition, President Lee explained the strengths of Korea that has secured global competitiveness in the areas of smart grid, energy storage system, and fuel cell by adopting “green growth” as a paradigm for national growth. And then he assured that Korea and Saudi Arabia, which has great interest in green growth despite the world's largest reserves of natural resources, would be reliable partners for each other.


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search