SK Group Getting Huge Boost From Asian Expansion
From Staff Reports
SK Engineering & Construction, an affiliate of South Korean industrial conglomerate SK Group, has been turning its focus away from its small peninsula to the expanding economies of India, Singapore, Indonesia and Thailand, where industrial plants are popping up at rapid pace.
Earlier this month, SK E & C reached a deal for a $170 million refinery expansion project in Thailand with PTT, the country’s largest gas-and-oil company. Once completed, PPT’s expanded refinery will be able to process 38% more crude oil, from the current 145,000 barrels a day to 200,000 daily, the company said.
The deal brought the total value of contracts booked by SK Group in Thailand to $1.7 billion, the Korea Times reports.
“As the Thai government is accelerating efforts for further construction of chemical plants for economic development, we expect to win more contracts based on accumulated experiences in the field,” an SK spokesperson told the Korea Times.
