By MIN-JEONG LEE
SEOUL -- SK Innovation Co. said Monday that its refining unit SK Energy will invest KRW1.6 trillion ($1.41 billion) to transform the Incheon complex into an aromatics-focused refinery to boost product competitiveness and profitability.
SK Energy will build a paraxylene plant with a capacity of 1.3 million tpy and will build a condensate splitter and a reformer, SK Innovation said in a statement.
Commercial production is slated to begin in the second half of 2014, and SK Energy will target sales to the growing Chinese market, SK Innovation said.
SK Energy, which is fully owned by SK Innovation, has a total refining capacity of 1,115,000 bpd, including 275,000 bpd from its Incheon complex, an SK Innovation company spokesman said.
Dow Jones Newswires