S.Korea's GS Caltex to invest $2.82 bln in facility

SEOUL, May 16 (Reuters) - GS Caltex, a joint venture between GS Holdings Corp (078930.KS) and Chevron Corp (CVX.N), plans to invest 2.94 trillion won ($2.82 billion) for an upgrading facility in South Korea, GS Holdings said on Friday.

GS Holdings said in a filing to the Korea Exchange, its affiliate will invest the planned amount between 2008 to 2010.

An upgrading facility refines heavy fuel oil into more expensive lighter products. ($1=1042.5 Won) (Reporting by Lee Jin-joo; Editing by Keiron Henderson)