작성일: 04/11/27
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SK Corp., the nation’s largest oil refinery, said Friday it plans to invest $15 million in a solvent manufacturing facility in China as part of its efforts to expand in the Chinese market.
SK Corp. will invest in a new solvent manufacturing plant in Shanghai through a joint venture with leading Chinese chemicals firm SINOPEC.
Under the deal, SK Corp. and SINOPEC will own a 50 percent stake each in the new solvent manufacturing corporation, Shanghai Gaoqiao-SK Solvent, with a total investment of $30 million between the two companies.
SK said that the new facility will be capable of churning out 60,000 tons of environmentally friendly solvent products each year.
``This joint operation is the first of its kind, involving the leading energy and chemicals corporations in Korea and China,” said Kim Chi-hyung, senior vice president of SK’s chemicals business division.
``We believe that this venture can be the opening chapter in a new period of cooperation between both of our organizations, and indeed, both of our countries,’’ he added.
The investment follows the launching of a holding company in China by SK Corp. last month, as part of its plans to become a major energy and chemical company in the Asia Pacific region with an annual revenue of 5 trillion won by 2010.
``Our ambition is to become the leading energy and chemicals corporation in the Asia-Pacific market and to establish our presence in this sector at a global level. We believe that this partnership with SINOPEC will be critical to helping us achieve this objective,’’ Kim said.
China’s overall solvent market is scaled at 2.7 million tons per year with a projected annual growth rate of 10 to 15 percent. Solvents are used in the chemical processing of a vast range of products such as paint, ink, cleaner and glue.
Under the joint venture, SK Corp. will provide its advanced solvent production technology and marketing and operations expertise, while SINOPEC will provide raw materials and utilities, as well other key elements of the required production infrastructure. Commercial production is scheduled to start from the second quarter of 2006.
In a separate deal, SK Corp. will establish another joint venture with local company Zhejiang Province Highway Materials in the Huadong province of China for the operation and management of a major asphalt distribution facility.
SK Corp. will own a 51 percent stake in the new venture, with a total investment of $6 million.
Korea Times-11-26-2004
04/11/27
51459번 읽음
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