S-Oil to invest 5tn won in phase II petrochemical project
29 Aug 18 2 min read
S-Oil, the South Korean energy and chemical company, is conducting a feasibility study for building a mixed feed cracker of 1,500KTA and olefin downstream facilities as part of its phase II investment project to expand its petrochemical business portfolio. The company is expected to invest over 5 trillion won ($4.5 billion) in the project until 2023.
Advertisement
“The steam cracker will produce ethylene and other basic petrochemicals from naphtha and off-gas burned as fuel in the refinery, thus giving the company an added advantage over feedstock sourcing and cost competitiveness. Olefin downstream facilities will produce an increased volume of high value petrochemical products including PE and PP,” S-Oil said on its website.
The new facilities will be built on a 400,000 sq m land S-Oil purchased from Hyundai Heavy Industries near its Onsan Refinery to possibly create a mega-scale single location plant and secure higher economics and operational efficiency, if realised.
S-Oil said the project will significantly benefit the economy, too, as it will create 2.7 million man-days during construction, 400 regular jobs, reinvigorate the construction sector and increase exports.
Phase II project, once approved, will serve as a new growth engine post-RUC/ODC that will drive S-Oil’s sustainable growth by diversifying its business portfolio, sharpening competitiveness and building a more stable income structure. (RKS)
Fibre2Fashion News Desk – India
Popular News
|
|
Germany's BASF offers sustainable polyamides for textile industry |
|
|
China’s textile & garment exports see modest growth in Jan-Mar 2024 |
|
|
South Indian cotton yarn market bearish; steep fall in Mumbai |
|
|
Bangladesh mulls VAT exemption for recycled fibre industry |
|
|
Chinese firm to set up $27.8 mn sock manufacturing plant in Bangladesh |
|
|
Chinese spandex hits new low in April, sheds 65% of 2021’s peak value |
