GS Caltex Co., South Korea’s second-largest oil refiner, said Friday it broke ground for a polymer compounds plant in the southern part of the country.
The plant to be built in Jinju, 434 kilometers south of Seoul, is slated to start commercial operations in 2015 with an annual production capacity of 120,000 tons, the company said in a press release.
Polymer compounds are functional plastics widely used for making cars and home appliances.
GS Caltex currently has two polymer compounds plants in China with a combined annual production capacity of 82,000 tons.
Its Czech polymer compound plant that will annually produce 30,000 tons of polymer compounds is scheduled to be completed in October.
GS Caltex said it has been providing polymer compounds to local and foreign companies, including Samsung Electronics Co., Hyundai Motor Co., Kia Motors Corp. and Toyota Motor Corp.
The refiner said it plans to expand its supply of polymer compounds to European car makers such as BMW and Mercedes-Benz after the completion of its Czech plant. (Yonhap News)