Written on 11.03.2014 - Industry
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KOREA (SOUTH): S-Oil submits bid for KNOC acreage to build refinery or petchem plant

S-Oil Corp. has submitted a bid for 227 acres in Ulsan, South Korea, being offered by Korea National Oil Corp. (KNOC) for construction of a refining or petrochemical project, according to local media reports.

KNOC stipulated that in order to participate in the tender, potential bidders must have received approval from their board of directors for the investment.

S-Oil has not made a final decision on the type of facility it plans, but a statement on the company's website says it has "selected and pursued three clear strategic directions: further investment in the refining business, integration with the petrochemical business and seeking renewable energy business."

S-Oil, which has reported interest in expanding its paraxylene capacity, currently has a 580,000-b/d refinery in Ulsan, and in 2011 completed an expansion of its paraxylene facility, boasting "the largest single paraxylene plant in the world".

Source: Weekly "PetroChemical News", Durham, NC, USA; 24 Feb 2014
(Syed Rashid Ali, Karachi, Pakistan)