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On Wednesday, one of South Korea's largest refiner, S-Oil, said that it is planning to spend more than $4.5 billion on a petrochemical project by 2023. The new facilities will be built in Ulsan where the company’s 669,000 barrels per day (bpd) refinery is located. According to sources, S-Oil is conducting a feasibility study in order to expand its petrochemical business.
