SK Group Chairman Chey Tae-won pledged to cultivate a new business model with Middle Eastern countries by utilizing technology, the group said Thursday.
Chey talked with Mubadala Development Co. CEO Khaldoon Khalifa Al Mubarak and Mubalada Petroleum CEO Musabbeh Al Kaabi in Abu Dhabi in the United Arab Emirates. They agreed to jointly put effort into raising a new business model.
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SK Group Chairman Chey Tae-won (left) talks with Sabic officials in Riyadh, Saudi Arabia, Wednesday. (SK Group) |
“The persistent low oil price trend has demanded fundamental changes and innovation of energy and chemical companies. Let us look for a business model in a new field that surpasses the simple cooperation of energy sources,” Chey said.
Chey had previously visited Saudi Arabia to discuss global strategies with Saudi manufacturing company Sabic for the joint venture SK Sabic Nexlene Co.
In October last year, SK Global Chemical and Sabic jointly established a plant in Ulsan, Korea, to produce the petrochemical product Nexlene. They will speed up the move to open a second plant soon.
By Lee Hyun-jeong (
rene@heraldcorp.com)
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