Gulf Oil and Gas accountACCOUNT

SK Innovation to Invest Up to $2.5 Bln in 2017 to Boost Growth

Source: Reuters 1/2/2017, Location: Asia

Share |
SK Innovation Co Ltd, which owns South Korea's top refiner SK Energy, said on Sunday it will spend up to 3 trillion won ($2.49 billion) in chemicals, oil exploration and battery businesses to boost its global growth.

Kim Joon, president of SK Innovation, said in a statement that the investments would target new growth options and innovate its business, even though 2017 is expected to be a tough business environment.

Under the plan, SK Innovation aims to continue its investment on mergers and acquisitions in chemicals and oil exploration sectors as well as expansion of its battery plants, according to the statement.

SK Innovation said in September last year it would expand its businesses in China through joint venture or mergers and acquisitions of Chinese chemical companies.

In 2013, SK Innovation subsidiary SK Global Chemical invested a total of 3.3 trillion won ($3 billion) into the Sinopec-SK Wutan Petrochemical joint venture.

SK Innovation also said last April that it will begin building electric vehicle battery factories in China but the plan was delayed due to regulatory uncertainty in China, two company officials told Reuters. Despite the setback in China, SK Innovation plans to increase its battery production by expanding its battery plants in South Korea.

Chemicals >>

Chemicals News in South Korea >>

India >>  3/21/2018 - Petrofac has been awarded a contract by Hindustan Petroleum Corporation Limited (HPCL) for its Sulphur Recovery Unit (SRU) Block Package for the Visak...
Malaysia >>  3/21/2018 - Mubadala Petroleum and its partners PETRONAS Carigali Sdn Bhd (PETRONAS Carigali) and Sarawak Shell Berhad have reached the Final Investment Decision ...

China >>  3/16/2018 - Eni has been awarded a contract by Zhejiang Petrochemicals for the license for the construction of two refining lines based on Eni Slurry Technology (...

Related Categories: General 

Related Articles: General 

South Korea Oil & Gas 1 >>  2 |

More News


Oil & Gas Companies in South Korea >>

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.