South Korea's second-largest oil refiner GS Caltex said it has dropped plans to build a refining plant with GS Energy and Brazil's state-run oil firm Petrobras due to uncertainty over profitability. GS Caltex, with a 775,000 b/d refining capacity, thinks its investment should focus on secondary units to extract higher value gasoline and diesel from heavy oils, its chairman, Hur Dong-Soo, told reporters on the sidelines of the World Energy Congress on Monday.
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