* S-Oil to spend $4.7 bln through 2017 -energy ministry
* Investing in heavy oil upgrading, petchem units
* S-Oil in Feb bought land from state-run KNOC for
SEOUL, March 3 South Korea's S-Oil Corp
will invest 8 trillion won ($7.49 billion) to build
heavy oil upgrading and petrochemical production units, the
energy ministry said on Monday.
S-Oil plans to spend 5 trillion won through to 2017 to build
heavy oil upgrading and petrochemical units, and then 3 trillion
won later to build additional petrochemical units, the ministry
Last month, South Korea's third-largest refiner won a tender
to buy land in Ulsan from state-run Korea National Oil Corp for
Sources told Reuters on Friday S-Oil was expanding its heavy
oil upgrading unit to raise gasoline production by nearly 50
percent to up to 218,000 barrels per day.
The sources said S-Oil would build a 45,000 bpd atmospheric
residue desulphurization unit and an up to 70,000-bpd residue
fluid catalytic cracker (RFCC), although Monday's ministry
statement did not elaborate.
An S-Oil spokesman declined to comment on its investment
S-Oil's largest shareholder is Aramco Overseas Co B.V., a
unit of Saudi Arabian Oil Company, with a 35 percent stake.
($1 = 1067.5000 Korean won)
(Reporting by Meeyoung Cho; Editing by Ed Davies)