SK sets up chemical arm in Singapore

South Korea’s SK Energy has established a new Singapore-based entity, SK Global Chemical Singapore, which would fully incorporate its chemical trading team with effect from January 1, 2011, a statement from the company said. SK Energy will split its refinery and marketing business and petrochemical business into two separate entities–SK Global Chemical Singapore, which will be a dedicated petrochemical business and SK Energy International, which would continue to handle the company’s refining and marketing businesses. “We believe that this restructuring will increase the company’s overall enterprise value by enhancing the expertise and competitive strengths of each business of its newly formed subsidiaries and by increasing its flexibility in managing its business portfolio,” the company said. (December 10, 2010)