SK Energy to spin off chemical business
South Korea’s SK Energy will spin off its lucrative chemical business from its mainstay refining sector and launch a wholly owned subsidiary, a company official said. The company also plans to relocate the headquarters of the chemical division to Shanghai by 2015, to benefit from China where the country’s economic growth has spurred demand for chemicals. The Shanghai-based chemical division would focus on olefin fibers and aromatics, the official said. “It is part of the company’s efforts to separate businesses to cope with new market conditions.” The company last October spun off its lubricant division regarded as highly profitable. (January 15, 2010)