GS Caltex sets up polymer compounds unit in Czech Republic

SEOUL, July 12 (Yonhap) -- GS Caltex Co., South Korea's second-largest refiner, said Tuesday that it has established a unit in the Czech Republic to produce and sell polymer compounds in an effort to diversify its overseas business portfolio.
   The unit, GS Caltex Czech, will start to build a plant later this year that produces polymer compounds.
   GS Caltex said that the plant, in Karvina, some 293 kilometers east of Prague, is expected to have annual sales of 100 billion won (US$93.8 million) when its construction is completed next year.
   Polymer compounds are functional plastics widely used for making cars and home appliances.
   Demand for the chemical in Europe, one of the biggest polymer compounds markets, reached 1.2 million tons annually according to GS Caltex.
   GS Caltex set up a 40,000-ton-capacity polymer compounds plant in China in 2006 and has been supplying products to neighboring countries such as Russia and Thailand. It also established another polymer compounds unit in Suzhou, China, last year.
   brk@yna.co.kr
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