SK Innovation seeks to expand business cooperation with Sinopec
(Reuters) SK Innovation Co., which owns South Korea's top refiner SK Energy, said Friday it is seeking to expand into the refining and lubricant sectors in co-operation with China's Sinopec Corp.
Chey Tae-won, the chairman of SK Innovation's parent firm, SK Holdings, and Sinopec president Wang Yupu discussed ways to strengthen their strategic partnership in a meeting in Beijing Thursday, SK Innovation said in a statement.
Through a joint venture with Sinopec in 2013, SK Innovation subsidiary SK Global Chemical invested a total of $3 B into the Sinopec-SK Wutan Petrochemical JV.
The venture, in which SK Global Chemical has a 35% stake, operates petrochemical plants which produce about 2.5 MMtpy of ethylene and other petrochemical products.
SK Innovation also aims to bolster its businesses in China through a JV or mergers and acquisitions of Chinese chemical companies, the statement added.
Reporting By Jane Chung; Editing by Richard Pullin
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