SEOUL, Nov. 30 (Korea Bizwire) – South Korea’s SK Group said Wednesday that it has agreed with a Chinese chemicals maker to scrap their plan to establish a joint venture to produce butanediol, a key material used to make synthetic fibers. In 2013, SK Global Chemical and Sinopec announced a plan to invest some 680 [...]
SEOUL, Nov. 15 (Korea Bizwire) – SK Innovation, an energy affiliate of SK Group, said Monday that it will establish a second EV battery plant at its battery complex in Seosan, South Chungcheong Province. The new factory will sit on 40,000 square meters of land, which is similar to its current plant, but with a [...]
SEOUL, May 23 (Korea Bizwire) – South Korea is increasingly bringing in African crude oil, as its prices have become more attractive due to competition with shale gas, refiners here said Sunday. Seoul imported 9.6 million barrels of African crude oil and “condensate,” a type of ultra-light crude, in the first quarter of this year. [...]
SEOUL, March 17 (Korea Bizwire) – SK Innovation Co., the country’s top oil refiner, said Thursday that it plans to expand its electric vehicle (EV) battery production capacity to meet growing demand. According to the company, the annual production at its first EV facility in Seosan, some 150 kilometers south of Seoul, will be increased to [...]
SEOUL, Feb. 17 (Korea Bizwire) – SK Innovation Co., South Korea’s top refiner, said Wednesday that it has finalized a deal to supply its electric vehicle (EV) battery to Benz’s EV cars starting from 2017, the latest in a series of its EV battery supply deals. SK Innovation, a latecomer to the EV battery business, [...]
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 [...]
SEOUL, Aug. 31 (Korea Bizwire) — Foreign investors dumped shares of Samsung Electronics and SK hynix during their recent selling spree sparked by China’s stock rout and uncertainty over a U.S. rate hike, data showed Monday. Offshore investors unloaded 751.3 billion won (US$635.4 million) worth of Samsung Electronics shares between Aug. 5 and Friday, lowering their [...]
SEOSAN, South Korea, July 29 (Korea Bizwire) – SK Innovation Co., South Korea’s top refiner, vowed Wednesday to further bolster its electric vehicle (EV) battery business by expanding its global outreach as part of efforts to find a new income source. SK Innovation has been pushing for the EV battery business since 2008, building the [...]
SEOUL, June 3 (Korea Bizwire) — South Korea’s consumption of refined oil products rose solidly this year on low crude prices, industry data showed Wednesday, providing some relief to local refiners struggling to cope with slumping exports. Domestic consumption of refined petroleum products reached 283.7 million barrels in the January-April period, up 4.7 percent from [...]
SEOUL, March 17 (Korea Bizwire) — South Korean companies’ earnings for 2014 dropped sharply on weak domestic demand and the strong local currency, but their bottom lines were found to have actually improved when tech giant Samsung Electronics and oil refiners were excluded from calculations, data showed on Tuesday. According to the data compiled by [...]