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GS Caltex, Nippon Oil agree carbon plant JV

Wed Jul 2, 2008 11:12pm EDT

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SEOUL, July 3 (Reuters) - GS Caltex said on Thursday it has signed a preliminary agreement with Japan's Nippon Oil (5001.T) to jointly build a carbon materials plant in South Korea.

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The joint venture will produce 900 metric tonnes of carbon materials per year, mostly used for supercapacitors that store energy, and power hybrid cars, GS Caltex said in a statement.

GS Caltex, South Korea's second-largest refiner, said the plant will be built in Gyeongsang Province, north of Seoul, and aims for production in 2010.

GS Caltex is a joint venture between GS Holdings Corp (078930.KS) and Chevron Corp (CVX.N). (Reporting by Angela Moon; Editing by Keiron Henderson)

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