S-Oil, Total eye $35 mln lubricants JV in S.Korea

SEOUL, March 17 Sun Mar 16, 2008 10:14pm EDT

SEOUL, March 17 (Reuters) - S-Oil Corp (010950.KS) said on Monday it will set up a 35 billion won ($35.10 million) lubricants joint venture in South Korea with Total (TOTF.PA), the world's fourth-largest integrated listed oil and gas company.

The South Korean refiner said in a statement that the 50:50 joint venture, to be named S-Oil Total Lubricants Co Ltd. (STLC), would be set up by May with a production capacity of more than 2,500 barrels per day (bpd).

S-Oil, South Korea's third-largest refiner, exports more than 60 percent of its petroleum and petrochemical products. ($1=997.1 Won) (Reporting by Angela Moon; Editing by Yoo Choonsik)