|
South Korea - Samsung Eng set to win $975 mln S-Oil project [ 20 Jun, 2008]
South Korean builder Samsung Engineering Co Ltd said on Friday it was poised to win a 1 trillion won ($974.5 million) order for refinery S-Oil Corp's petrochemical complex expansion.
Samsung Engineering said in a filing with the Korea Exchange that it had won a letter of intent for design and contract services for the project, worth 56.5 billion won.
It said a main contract to build S-Oil's paraxylene and benzene plant, yet to be signed, would be worth about 1 trillion won.
S-Oil, South Korea's third-largest refiner, in November pledged $1.5 billion to build the petrochemicals plant and boost its production capacity.
Source: Reuters
Taiwan - Formosa Chemicals may restart No. 2 plant [ 13 Jun, 2008]
Formosa Chemicals and Fibre Corp., a petrochemical maker controlled by billionaire Wang Yung-ching, plans to restart its No. 2 aromatics plant around June 15 after shutting it because of a faulty transformer.
Formosa Chemicals closed the facility, which has an annual output capacity of 1.2 million metric tons, on June 6, President Hong Fu-yuan said by phone in Taipei yesterday. The company has three facilities that can produce a total of 3.4 million tons of aromatics a year, according to Hong.
The chemical maker is drawing down inventories and increasing output at the other two facilities because of the closure. Aromatics plants produce benzene, paraxylene and orthoxylene, used to make computer casings, polyester fiber, dyes and insecticides.
"We can raise the output at the No. 1 and No. 3 plants, while stockpiles can also make up for some of the lost capacity," Hong said. The No. 1 plant has an annual capacity of 700,000 tons and the No. 3 plant 1.5 million tons, he said.
Formosa Chemicals fell 1.4 percent to NT$72.10 in Taipei trading. The benchmark TAIEX index dropped 3.4 percent.
Wang is the second richest man in Taiwan, according to Forbes magazine. He founded Formosa Plastics Corp., the island's biggest diversified industrial company.
Source: Bloomberg
|
