SEOUL, Jan. 3 (Korea Bizwire) – South Korea’s top refiner SK Innovation Co. plans to speed up its overseas expansion this year as it seeks to develop new growth engines while also boosting its global presence, company officials said Sunday.
The move apparently comes as more than half of the company’s overall sales already are from exports.
Increased profits from overseas sales, rather than exports, will further improve the company’s overall sustainability, an official noted.
“To secure a foundation for a long and sustainable development, success in the global market is a must,” the official said, asking not to be identified.
To this end, the company will continue to expand its global presence through what it calls global partnering.
Under the plan, the company will seek to establish an overseas headquarters for oil exploration and production business in North America, while China and Europe will serve as its overseas outposts for chemical and lubricant businesses.
The company’s chemical affiliate SK Global Chemical Co. has already moved its headquarters, along with its top executive officers, to China, becoming the first South Korean firm to do so.
SK Lubricants Co., a subsidiary of SK Innovation, also set up a regional headquarters in Europe soon after it launched a joint firm with Spain’s largest refiner Repsol last year.
“The company will continue to expand the overseas presence of its subsidiaries based on the successful models of SK Global Chemical and SK Lubricants,” the official said.