Tuesday, August 28, 2007

SK Energy Says China's Role Is Key

Calling it a "second home market," South Korea's largest oil refiner SK Energy Holdings Co. says China will play a major role in the long-term growth of the company, according to The Korea Herald.

"Continued robust growth of the Chinese economy and further opening of the market promises great potential," the SK Energy vice president Lee Man-woo said. "China's energy demands, for example, are expected to grow 6.6 percent annually through the year 2010."

SK Energy currently operates 11 offices and three branch offices in mainland China. There are 36 Korean nationals from the main Korea head office working in the mainland office, and 412 Chinese nationals hired from within the local Chinese market.

The company has invested $52 million in the Chinese market so far. It saw 500 billion won ($530 million) sales revenues from China last year and aims to increase China revenues by 10-fold to 5 trillion won ($5.3 billion) by 2010.

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