SK Global Chem aims Sinopec JV -SK Innovation CEO

SK Global Chem aims for Sinopec JV -SK Innovation CEO

4:51 PM, 7th June 2011
SK Global Chem aims for Sinopec JV -SK Innovation CEO

SEOUL, SOUTH KOREA: South Korea’s SK Innovation said on Thursday its SK Global Chemical subsidiary aimed to hold a 35 per cent stake in the Wuhan petrochemical project by Asia's top refiner Sinopec Corp. “We will apply for Chinese government approval for a joint venture with Sinopec for the Wuhan project within the first quarter, and we aim to hold a 35 per cent stake,” Jay Koo, President & CEO of SK Innovation, told reporters.

Separately, Koo said it had been in talks with partners, mainly overseas, over possible investments or stable supply of feedstock including crude oil to subsidiary SK Incheon Oil, but had no plans to sell the crude oil refiner.

South Korea’s top oil refiner SK Energy in January spun off its oil refining and chemical businesses and renamed itself SK Innovation.

© Thomson Reuters




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