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Sk corp studies China expansion
( 2003-09-05 09:37) (Shanghai Daily)

SK Corp, South Korea's biggest oil refiner, said it may build a solvent chemicals plant in Shanghai with China Petroleum & Chemical Corp as part of its plan to expand in China.

Sk is studying a possible joint venture to build a plant by mid-2005 with annual capacity of 60,000 tons, the company said in a filing with the Korea Stock Exchange.

"We are looking to several ways to broaden our business in China through cooperation with major Chinese oil companies," said Son Dong Ha, an SK spokesman.

Sk is the latest Korean company to expand into China, the world's fastest-growing economy. Korean investment in China increased 11 percent to US$829 million in the first half of this year, about half of the worldwide total, while that in the United States and Europe fell 64 percent and 70 percent, respectively.

The plan to build the solvent chemical plant in Shanghai was reported earlier by the Maeil Business Newspaper. Solvents are liquid chemicals that can dissolve other substances. Beijing-based China Petro-leum, also known as Sino-pec, is Asia's largest oil refiner.

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