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S.Korea's GS Caltex says drops planned Brazil refinery project

DAEGU, South Korea, Oct 14 (Reuters) - South Korea's second-largest oil refiner GS Caltex said it has dropped a plan with GS Energy to build a refining plant with Brazil's state-run oil firm Petroleo Brasileiro SA due to uncertainty over profitability.

"We decided not to go for the project. We dropped it completely and so has GS Energy as we are not sure whether it is a profitable project," GS Caltex chairman Hur Dong-Soo told reporters on the sidelines of the World Energy Congress in the city of Daegu.