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Acquisition of SK Corp. and joint venture Sinopec Nakaho Corporation



SK Chemical will have refinery facilities in China. SK Chemical has announced that it has decided to invest 1.1 billion yuan (about 187 billion won) to acquire Wuhan, Heavy Petrochemical is a joint venture founded by SK General Chemicals and the largest petrochemical company in China, SINOPEC, with a share of 35 to 65 in 2013.

SK Corp. and Sinopec will invest in this ratio. As a result, Sinopec will invest 2.25 billion yuan (about 352.6 billion won) in kind. The total building value of the building is 12.84 billion WW (about 2.206 trillion won). The remaining funds are financed by external loans. It is expected to complete the acquisition in the second half of this year.

SK General Chemical official said: "SK Chemical has a 35% stake in Woo Han, but we can be involved in managing directors." It was reported that Sinopec's project transfer project had been implemented. Woo Hwan Construction is a representative refinery in Wuhan, China, which began operations in 1977. It has a refining capacity of 170,000 barrels a day and earned operating profit of $ 350 billion last year.

SK Chemical expects the acquisition of petrochemical products to stabilize supply and demand for petrochemical products and maximize synergies resulting from integrated refinery and chemical operations. The company stressed that the Chinese government is also in the process of "softening", which means combining oil and chemicals that are being developed to create new growth engines.

Reporter Kim Jae-hoo hu@hankyung.com

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