SK Energy to move chemical division to China

SEOUL, Jan. 15 (Yonhap) -- SK Energy Co., South Korea's top refiner, plans to
relocate the headquarters of its chemical division to Shanghai by 2015 to further
tap the global chemical market, the division's chief said Friday.

"Under its globalization plan, SK Energy will transfer a portion of the workforce
from its chemical division to China," Kim Yong-heum, head of SK Energy's chemical
division, said at a New Year's meeting.
"The relocation will be completed by 2015 and we are mulling over a spin-off of
the division from SK Energy in the long term," he added.
According to the plan, up to 36 percent of all 1,100 employees of the chemical
division will be relocated to China by the target year, SK Energy said. Sixty-six
employees of the division have been working in China.
SK Energy posted 10.36 trillion won (US$9.2 billion) in sales by the chemical
division at the end of 2008, taking up 22.6 percent of the company's overall
sales of 45.74 trillion won.
SK Energy's chemical division will reportedly focus on the manufacture of olefin
fibers and aromatics in China.
ksnam@yna.co.kr
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