05 September 1994 00:00 [Source: ICB]
YUKONG HAS expressed some interest in building its first BTX facility in China alongside a new $1.5bn refinery project it is to build in Shenzhen, Guangdong province.
A final decision on the 100 000-120 000 bbl/day jv refinery, in which the South Korean major would hold a 40% equity stake, is awaiting a feasibility study which is set to be completed in September/October of this year.
The remaining portion of the equity will be taken up equally by China Petrochemical Corp, and the Shenzhen city government. The decision on a BTX unit could take until late 1996/early 1997 when the refinery is expected to be completed.
Yukong has joined the ranks of fellow South Korean refinery-cum-BTX players, like Sangyong Oil Refining, and Kyung In Energy, both of which have denied they are planning new BTX capacity alongside new refinery facilities (ECN 18 April).
Other new refinery facilities have been completed by Hyundai Oil Refinery and Honam Oil Refinery.
Kyung In Energy sources said the company's first investment priority was to install a desulphurisation unit at its Inchon refinery - 'a hot environmental issue right now' - before even thinking of other projects, such as BTX or PX capacity in Korea.
Yukong is involved in revamping and 'minor debottlenecking' at its 300 000 tonne/year Ulsan PX unit, work which will raise capacity by 50 000 tonne/year. It is scheduled for completion around mid-1995.
Yukong's Korean refinery project will raise its capacity at Ulsan from 600 000 to 800 000 bbl/day, making it the largest single refinery in the world, according to the company.
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