SK head spurs resources development in Middle East

SK Group chairman Chey Tae-won has launched a business trip to countries in the Middle East including Saudi Arabia and Kuwait in a bid to boost his company’s resources development.

During his trip from March 24-April 4, Chey is to discuss ways to bolster cooperation with the region’s leading oil firms including Saudi Arabia’s state-owned Aramco, Saudi Basic Industries Corp., and Kuwait Petroleum Corp., company officials said Sunday.

Chey is also scheduled to visit Turkey, where he will seek ways for the group to involve in the country’s upcoming construction and energy projects, they said.

“The chairman has been seeking a win-win model where SK contributes to resource-abundant countries’ economic development by sharing its technologies in energy, chemical, telecommunication and construction, and the latter to help us procure enough resources,” an SK spokesman said.

He added that SK group has in particular been boosting its ties with Saudi Arabia, the world’s largest exporter of crude, since winning the construction order for the $1.9 billion Wasit gas plant in February.

The telecom and energy giant also inked a deal last year to procure 9 million metric tons of iron ore a year through a $700 million investment in Brazil’s MMX Mineracao & Metalicos SA.

The chairman, who has been stressing the importance of resources cooperation with its foreign partners, also travelled to South America and Australia early this year.

“Chairman Chey has been leading a drive to ensure the group’s resource security by visiting countries including Brazil and Australia,” said Lee Man-woo, senior vice president of SK’s brand management office.

“While boosting the group’s overseas resource development, Chey decided to boost the local economy by investing a record amount of 10 trillion won ($9.8 billion) this year.”

By Koh Young-aah (youngaah@heraldcorp.com)