 Chey Tae-won |
Staff reporter
SK Group, one of the country's largest conglomerates, will invest 17.5 trillion won ($14.32 billion) over the next decade, mostly in alternative energy and new technologies as it seeks to find new growth drivers.
This significant investment is expected to create a total of 42,000 jobs by 2020, SK said. SK's plans will be jumpstarted by a 7 trillion won investment this year, and 1.7 trillion won next year.
More than half of the total investment, or 8.8 trillion won, will be allocated for new information and communication technology, including telemedicine. This will result in the creation of 22,000 new jobs.
Energy will be an extremely important focus for SK, especially with the demand for alternative energy. The company said it will invest 4.5 trillion won in the energy sector, particularly securing low-carbon energy, such as solar and rechargeable batteries, and the exploration of overseas natural resources like oil, gas, iron ore and rubber. This move will create 11,000 jobs in the industry.
SK, of which SK Energy is the country's largest crude refiner, is aiming to raise its oil and natural gas reserves to 1 billion barrels by 2015 and iron ore to 30 million tons by 2020. It also hopes to have an annual production capacity of 24,000 tons of natural rubber by 2020.
In tune with the latest focus on green growth, SK is also allocating 4.2 trillion won in the environmental infrastructure, which will create 9,000 jobs over the next 10 years. This would include the establishment of a smart grid network, an emerging technology that will deliver electricity as efficiently and as economically as possible. Smart grids are considered a key factor in addressing climate change and the energy crisis.
The company will also strengthen its global businesses, particularly in China, Southeast Asia, the Middle East and South America. In South America, it will seek to develop crude oil, LNG and iron ore, while its Southeast Asian industry will be petroleum, coal, rubber, and telecommunication infrastructure. In the Middle East, its enterprise will center on construction of power generation facilities and plants.
SK Group, led by its chairman Chey Tae-won, is one of the biggest conglomerates in Korea, with units such as SK Energy, SK Telecom, SK Construction and SK Holdings, among others.
In 2009, SK Group's total revenues hit $79.6 billion, with 51 percent attributed to energy and chemicals, 31 percent to trade and services and 18 percent to telecommunications.
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