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S-Oil Buys Stake in Polysilicon Producer, Doubles P-Xylene and Benzene Capacity at Onsan

7:29 AM MDT | May 31, 2011 | Natasha Alperowicz in Onsan

Korean refining group S-Oil says it has agreed to buy a 33.4% stake in polysilicon maker Hankook Silicon (Seoul) for won 265 billion ($245 million), as part of S-Oil’s drive to develop renewable energy as one of its revenue sources. Hankook began producing polysilicon last year and currently has capacity for 3,500 m.t./year. Hankook is scheduled to complete an expansion program next year, which will raise capacity to 12,000 m.t./year. Through the transaction, which will be finalized in June, S-Oil becomes the second largest shareholder in the polysilicon...

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