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SK Innovation to invest 3 tln won in 2017

All Headlines 10:35 January 01, 2017

SEOUL, Jan. 1 (Yonhap) -- South Korea's top oil refiner SK Innovation Co. will invest 3 trillion won (US$2.48 billion) throughout the new year, an aggressive move despite sluggish global economic conditions, industry sources said Sunday.

During its executive meeting held at end-December, the company decided to make the investment to bolster its chemical, petroleum development and battery businesses. It also plans to hire more employees to support new projects.

Industry sources said the decision came as SK Innovation is presumed to have posted a record-high operational profit.

The company also plans to expand global partnerships and roll out more merger and acquisition deals at home and abroad, the sources said.

SK Innovation plans to expand its battery factories while seeking to tap new businesses for sustainable growth.

An official from the company said the strategy reflects its vision to increase its presence in the global market while continuing to move forward with restructuring its business portfolio.

colin@yna.co.kr
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