GS Caltex opens palm oil refinery in Indonesia

GS Caltex, Korea's second-largest refiner by sales, said Thursday it has completed construction of a major palm oil refining facility in Indonesia, as the company expands its presence in the Asian biofuel market. An opening ceremony for the facility, named AGPA Refinery Complex (ARC), located in an industrial complex in Balikpapan, was held Thursday, with attendees including Hur Sae-hong, chief executive officer (CEO) of GS Caltex, and officials from the Indonesian government. With an investment of around 260 billion won ($177.2 million), the 300,000-square-meter refinery was built through a joint venture with Korea's POSCO International. The facility can process crude palm oil into about 500,000 tons of biodiesel resource and edible oil annually, according to GS Caltex. Under the partnership, POSCO International plans to supply palm oil from its Indonesian plantations to ARC, and distribute refined oil products in Indonesia and other markets, including Korea and China.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times