SK Group taps Brazil, Australia for resources
Chairman on Seollal trip to 2 nations
By Kim Jae-won
SK Group Chairman Chey Tae-won is sparing no efforts to secure additional resources.
Even during the upcoming Seollal or Lunar New Year Holiday, Chey is flying to Brazil and Australia, according to group officials.
He will arrive in Brazil on Sunday (local time) and stay until Feb. 10.
The 50-year-old chairman will meet chief executives of energy companies in the two nations and visit mines, which the group has invested in.
During his Brazil trip, he is scheduled to meet EBX Group Chairman and CEO Eike Batista.
EBX is one of the largest conglomerates in the South American nation, ranging from logistics, medical centers and mining to metal companies among others. Chey and Batista are expected to discuss how to cooperate in the energy field.
SK Energy is Korea’s largest refining company.
Officials of the companies have already increased their partnership since last year. SK Networks, a trade affiliate of the group, invested $700 million in MMX Miner, a subsidiary of EBX, in September.
Chey and Batista met in Seoul in September. The SK chairman may visit Sudeste coal mine of MMX, which the Korean firm invested in during the previous meeting.
After completing his Brazil trip, Chey will fly to Australia on Feb. 6, and visit a coal mine SK has a stake in. Chey will also examine how the nation’s LNG business works.
SK has so far invested $130 million in four coal mines ― Clarence, Charbon, Springvale and Angus Place ― having 5 to 25 percent stakes in those mines.
The SK chairman also will visit the Santos LNG production facility and will discuss methods of cooperation with its senior officials.
The LNG business is one of SK’s main interests. The conglomerate regards it as one of its main growth engines.
SK said Chey’s leadership in seeking overseas resources is making a great contribution to its plan to expand the network of natural resources it can tap into across the world.
“Chairman Chey is engaged in the firm’s efforts to secure resources as part of efforts to beef up the conglomerate’s present and future growth engines,” the group said in a press release.