SK Energy to focus on E&P, R&D

South Korea’s SK Energy, Asia’s No.4 crude oil refiner, said it would focus on exploration and production (E&P) of oil, and research and development (R&D) of energy, spinning off its refining and petrochemical sectors. The country’s top oil refiner said it would spin off its crude oil refining and petrochemical businesses to improve competitiveness, setting a tentative date of January 1 next year. President and Chief Executive Jay Koo told reporters SK Energy would raise the success rate of exploration to 20% from 10% now, while enhancing its E&P business through various strategies, including mergers and acquisitions. Koo also said SK Energy would seek a global partnership for its refining subsidiary to procure stable supplies of crude oil. (June 21, 2010)