Chevron to expand investments in South Korea's refining, petrochemicals

[Chevron logo on a high-rise building in Perth CBD]
Trung Nguyen

Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) set to increase its investments in South Korea, focusing on both refining and petrochemicals, as part of a broader strategic shift to strengthen its presence in the region’s energy and materials value chain.

Brant Fish, president of worldwide downstream at Chevron (NYSE:CVX [https://seekingalpha.com/symbol/CVX]) said at the Asia Pacific Petroleum Conference on Monday that the American oil giant views South Korea as a major center for the expansion of petrochemicals and heavy oil upgrading.

The Texas-based energy giant operates in South Korea mainly through its 50% stake in GS Caltex, one of the largest refinery and petrochemical producers in the country.

"So there'll be places like Korea where we go investment heavy in petrochemicals and in heavy oil upgrading, and then there'll be refineries like here in Singapore, where we've chosen to not make those big investments and actually get a better return through most parts of the cycle on capital growth," said Brant Fish, Chevron's president, international downstream.

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