GS Caltex to Build Biobutanol Plant

(Yonhap News Agency) GS Caltex Co., South Korea's second-largest refiner, plans to build a 50 billion won (US$44 million) plant to produce biobutanol, a biofuel, the presidential office said Tuesday.

The announcement, which was made as President Park Geun-hye toured a new innovation center in the country's southwestern area, is in line with South Korea's efforts to reduce greenhouse gas emissions that scientists blame for global warming.

The refiner plans to begin construction on the plant later this year, Park's office said, a move that could help create business opportunities for bio startups and other small companies.

Park said the innovation center will support the creation of the ecosystem for an environmentally friendly biochemical industry.

She also said the innovation center could become an incubator for those who want to enter into agricultural and fishery venture businesses.

South Korea has been pushing to set up such centers across the country to match up local startups and venture firms with conglomerates, known here as chaebol, which can provide resources to smaller companies so that they can turn creative ideas into real businesses. READ MORE