Samsung Total to expand energy business

SEOUL, Jan. 28 (Yonhap) -- Samsung Total Petrochemicals Co., a South Korean
petrochemical producer, said Thursday it plans to expand the energy sector of its
business lines over the next three years.

"We will increase sales of the energy sector, which account for 15 percent of the
total, by 30 percent, and our overall sales to 1.5 trillion won (US$1.3 billion)
from 800 billion won by 2012," Yoo Suk-ryul, president of Samsung Total, said in
a meeting with reporters.
Yoo also said that Samsung Total will transform itself from a petrochemical
company to an energy and chemical one.
Since September last year, Samsung Total has been building a plant in Daesan, a
coastal city 137 kilometers southwest of Seoul, at the cost of 160 billion won to
produce oil for airplanes and ships and a liquefied natural gas (LNG) tank.
Beginning in August, when the plant is slated to be completed, the company will
export 500,000 tons of jet oil and 100,000 tons of ship oil to China and
Singapore annually, Yoo said.
If the envisioned LNG tank with an annual processing capacity of 40,000 tons of
LNG is completed, the company plans to bring 1 million tons of LNG from the
Middle East to South Korea annually, starting in May.
Samsung Total is targeting 10 trillion won in sales and 1 trillion won in
operating profit for 2015.
Samsung Total is a 50-50 joint venture between South Korea's Samsung Group and
the French chemical group Total.
ksnam@yna.co.kr
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