To benefit from potential profits from China's rapidly expanding market; GS Caltex, South Korea's second-largest oil refiner has bought Chinese polypropylene manufacturer Langfang Jiashi Chemical Co. for US$4.3 million. This decision will boost the oil major's presence in China and will also increase the company's global market share.
Annual production capacity at Langfang Jiashi is 2.4 million tons, which is expected to be expanded to 2.9 million tons by December 2007. Prior to the acquisition, Langfang Jiashi was a supplier to South Korea's Hyundai Motor Co., Kia Motors Corp. and LG Electronics Inc.
03-Jul-06 
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