SK Group said Wednesday its six manufacturing units’ combined exports set a record high of 18.18 trillion won ($17.18 billion) in the first half of the year, thanks to robust sales of petrochemical products.
Sales of the six affiliates ― SK Innovation, SK Energy, SK Global Chemical, SK Lubricants, SKC and SK Chemicals ― neared 28.5 trillion won between January and June. Exports soared nearly 30 percent from the same period last year, making up almost 64 percent of total output.
Surging global demand for petroleum products, polyester film and its eco-friendly plastic named “green pol” was behind the strong performance, the country’s third-largest business group said in a statement.
By unit, SK Energy, the country’s top crude oil refiner, logged record exports of 43.2 million barrels in the second quarter, an 11-percent on-year rise.
Exports of SKC, the conglomerate’s industrial filmmaker, shot up more than 50 percent during the first half, driven by stellar sales of high value-added products.
SK Chemicals also estimated its export volume to be up at least 10 percent for the six-month period. The firm is the sole manufacturer of the eco-friendly plastic PETG, other than U.K.-based Eastern Chemicals.
“The figures resulted from our efforts to develop global technology for the refining and chemicals businesses, and show that the group’s export drive is set on a smooth path,” SK officials said.
Chairman Chey Tae-won has been pushing to boost exports as a key growth strategy.
Since taking office in 1998, he coordinated projects between the group’s chemical, energy, gas and trading arms, and beefed up investment in renewable energy, petrochemical facilities and overseas resources exploration.
As a result, SK’s petrochemical exports swelled to 27 trillion won last year from a mere 1 trillion won in 1991.
Shares of exports in sales jumped to top 50 percent in 2006 from around 30 percent in 1997, then to the current 60 percent.
Sales also grew 10-fold over the two decades to more than 100 trillion won last year, and are projected to reach 110 trillion won this year.
SK said it is expecting to post 40 trillion won in exports for the first time at the end of the year, if demand for petrol products remains high.
By Shin Hyon-hee (
heeshin@heraldcorp.com)
