Daelim Industrial (Seoul) and Daewoo Engineering & Construction (Seoul) recently announced that they have bagged the contract for building of petrochemical plant for S-Oil. The project will incur cost of around 3.2 billion dollar.
The contract involves building of upgrading complex and an olefins conversion system at S-Oil’s Ulsan refinery 414 km southeast of Seoul. The residue upgrading complex will convert heavy fuel oils into gasoline, propylene and other refined products. Construction is expected to be completed by H1 2018. Daelim will a 55% stake in consortium, while Daewoo will hold a 45% stake. S-Oil is majority-owned by Saudi Aramco, which holds a 63.4% stake.
