SK energy may spin off lubricant business

South Korean refiner SK energy Co. said it is considering spinning off its lubricant operations, which posted sales of 1.88 trillion won (US$1.5 billion) and an operating profit of 254 billion won (US$2 million) in 2008. The spokesman made the comments in response to a report in the Seoul Economic Daily that the company is reviewing a plan to spin off the operations by the end of this year and sell part or all of the operations if an appropriate buyer emerges. The newspaper said that the company is targeting to spin off the business to raise funds to invest in the renewable energy sector and to focus on its core businesses. (July 3, 2009)