SK Corp. 　　　　http://www.skchem.com/english/

In 1972 SK Corp. built the sector`s first naphtha-cracking plant with an annual capacity of 100,000 tons, which helped lay the matrix for Korea`s petrochemical industry. From that time on, SK Corp. has undertaken facility investment with a far-sighted view. To this end the naphtha-cracking capacity was expanded in 1997. The investment has kept up on construction of the 2nd polyolefin plant, the 2nd paraxylene plant, and a styrene monomer production line, which has enabled solid growth in domestic and overseas markets with increased capacity in commodity chemicals.

Olefins

SK Corp. started up operation of Korea"s first naphtha cracker (capable of producing 100,000 tons of ethylene a year), located at the Ulsan Complex, in March 1973. MTBE production (86,000 tons/yr. ) began in November 1989, followed by the startup of a second naphtha cracker (400,000 tons of ethylene per year ) in December 1989. Through ongoing process upgrades and facilities expansion, the company now has an annual capacity to turn out 730,000 tons of ethylene, 480,000 tons of propylene, 100,000 tons of butadiene and 200,000 tons for MTBE, contributing significantly to the international petrochemical industry.

LLDPE

SK produces LLDPE having excellent physical properties and processability, developed by the latest Sclairtech Process patented by Nova Inc. A variety of derivatives with outstanding physical properties are produced through film, extrusion coating, injection molding, and rotational molding, using octane and butane as co-polymers. Octane-film products excel particularly in all aspects of strength, tensile, tear, and impact, for which reason they are preferred in the film market as packaging, laminating, and wrapping materials.

MDPE

In the MDPE/HDPE plant, SK has the Sclairtech Manufacturing process. By capitalizing on the sterngths of each process, we produce thr finest quality products possible and achieve increased customer satisfaction.
- Sclairtech process

Rotational Molding / Pipe Coating / Injection Molding / Monofilament

HDPE

HDPE Plant employs both the Mitsui process and the Sclairtech Process of Nova Inc. Taking advantage of the best features of both processes enables it to manufacture high-end products which best suit the needs of customers.
Products manufactured with the Mitsui Process (YUZEX)
- Film / Blow Molding / Pipes / Injection Molding / stretching
Products manufactured with the Sclairtech Process (YUCLAIR)
- Rotation Molding / Pipe Coating / Injection Molding / Monofilament

Polyethylene

To manufacture its PP, SK uses the Spheripol process, now considered the highest quality process worldwide.
With our Advanced technology, and the specialized manufacturing system resident in our new plant, SK is now delivering more higher quality products than ever before.
Sk's Impact PP, with its high degree of homogenety, has excellent impact strength and dimensional stability.
Random PP, on the other hand, is distinguished by its superior clarity and gloss.

日本経済新聞　2003/7/7

韓国ＳＫグループ　緩やかな企業連合に　不祥事機に本部廃止

　韓国３位の財閥、ＳＫグループが緩やかな企業連合に変質しつつある。系列企業の粉飾決算、背任によるオーナー一族への実刑判決などで求心力が急速に低下。外国人持ち株比率が４０％を超えるＳＫテレコムはグループ企業の支援を拒否した。グルーブ本部もなくなり、「事実上の財閥解体」が進んでいる。
　ＳＫグループに激震が走ったのは２月末。オーナー一族で次期グループ会長とみられた崔泰源ＳＫ会長が逮捕された。株式の不正取引でグループ企業に損害を与えたとの背任の容疑だった。
　ソウル地検による捜査で、商社であるＳＫグローバルの粉飾決算も判明。崔氏は６月に懲役３年の実刑判決を受けた。グループ全体の会長で全国経済人連合会会長でもある孫吉丞氏も懲役３年、執行猶予４年の有罪判決を受けた。
　ＳＫグローバルの粉飾決算は海外事業の損失隠し、利益の水増し、資産の過大評価など。１９４２億ウオン（約１９０億円）の黒字としていた２００２年決算の最終損益も２９６０億ウオンの赤字に修正し、「韓国版エンロン事件」と呼ばれた。
　もともとＳＫグローバルは売上高１８兆ウオンに対して９兆ウオンの負債を抱えていた。粉飾決算の発覚で銀行などが融資回収に動き、一気に流動性危機に陥った。
　こうした場合、韓国の財閥は他のグループ企業が救済するのが常だが、今回は違った。グループ中核企業、ＳＫの株価は崔会長の逮捕後に暴落。外国投資ファンドが１４．７６％の株式を取得して筆頭株主になり、外国人持ち株比率は４２％になった。
　この外国投資ファンドは「株主利益に反する」とＳＫグローバルヘの支援に反対。結局、ＳＫはＳＫグローバルヘの売掛債権の株式転換に応じただけで、本格的な救済には踏み込まなかった。
　ＳＫテレコムも事情は同じだ。外国人持ち株比率は４２％で、「支援には応じられない」と銀行団などからの救済要請を拒否した。
　ＳＫグループは６月１９日、グループ構造調整推進本部を廃止した。同本部はグルーブの経営戦略を決め、系列企業のトップ人事にも大きな影響を持つ「財閥本社」だった。ＳＫグループは「ブランドと企業理念は共有するが、系列企業は今後、独自経営を進める」と説明する。東遠証券の趙洪来副社長は「事実上の財閥解体」とみる。
　韓国の財閥は政府と二人三脚で「漢江の奇跡」と呼ばれる高度経済成長をけん引したが、グループ内取引の不透明さなども指摘されてきた。１９９７年末の通貨経済危機では、グループ企業間の相互債務保証などに支えられて無理な拡張経営を続けていた中堅財閥が相次ぎ破たんした。
　大手も変容し、大宇グループは債権を持つ金融機関により解体された。現代グループも経営悪化を機に創業者の６人の息子による跡目争いが表面化し、有力企業を６人が分割継承することになった。事実上の解体だ。
　ＳＫグループにはＳＫ、ＳＫテレコムなどの高収益企業があり経営への不安は小さい。今後は日本の三菱や三井のような緩やかなグループに変わっていくとみられる。

韓国の主要財閥ランキング 　2003/4/1現在の資産規模ベース　 　単位：兆ウオン １ サムソン 　83.5 　 ２ ＬＧ 　58.6 　 ３ ＳＫ 　47.5 　 ４ 現代自動車 　44.1 　 ５ ＫＴ 　30.8 　 注）韓国公正取引委員会調べ、 　　公企業は除く

▼ＳＫグループ

　サムスン、ＬＧに次ぐ韓国の大手財閥。資産規模は４７兆５千億ウオン（約４兆７５００億円＝２００３年４月１日現在、韓国公正取引委員会調べ）。２００２年のグループ売上高は５４兆ウオン、税引き前利益は３兆６千億ウオン。発足は１９５３年。シャツなどを製造する鮮京織物（現ＳＫグローバル）が母体になった。創業者である実兄からバトンを受けた二代目会長の崔鍾賢氏の時代に油公（旧大韓石油公社＝現ＳＫ）や韓国移動通信（現ＳＫテレコム）を傘下に収め、大手財閥に浮上した。
　他の韓国財閥が輸出関連事業を主力として急成長したのに対し、ＳＫグループは石油、携帯電話サービスといった内需関連事業が中核だ。
　９８年、崔鍾賢氏の急死に伴い孫吉丞氏がグループ会長に就任した。崔泰源氏は崔鍾賢氏の長男で、グループ次期会長の最有力候補だった。

朝鮮日報　2003/4/10

ＳＫ�梶A外国系会社になるか？

　ＳＫ�鰍ﾌ経営権が外国系ファンドに委譲される危機にさらされている。
　ＳＫ�鰍ﾌ株式を３月末から集中的に買収したバージンアイランドのぺ一パーカンパニー・クレストシーキュリティーズ社は最近、議決権があるＳＫ�鰍ﾌ株式をＳＫグループよりも多く手にしていることが分かった。議決権株式とは、株主総会で取締役の選任など重要案件に対し投票権を行使できる株式のことだ。
　金融監督院は１０日、クレスト側が今月３日からＳＫ�鰍ﾌ株式４７５万７１６０株（３．７５％）を追加で買収し、株式保有率を従来の８．６４％から１２．３９％まで吊り上げたと明らかにした。これによってクレスト社はＳＫ�鰍ﾌ筆頭株主に浮上Ｌた。
　現在、ＳＫグループの同社株保有率は３５％に達する。系列社の保有株はＳＫ　Ｃ＆Ｃ８．６３％、ＳＫケミカル２．２６％、ＳＫ建設２．３７％、自社株１０．４１％の計２３．８７％だ。
これに加え、ＳＫグローバルが海外ファンドに臨時に預けたと知られたジャパンアジア４．７３％、エマーゼントキャピタル３．１５％などの計７．８８％と、自社株（４％前後）を合わせると、ＳＫ側の保有率は３５％に達する。
　しかし中でもＳＫ Ｃ＆Ｃの株式中６．６３％は出資総額制限によって議決権が制限され、自社株１０．４１％も議決権を行使することができない。また海外に預けた保有株も今のところ議決権の行使は出来ない。
　これを受け、ＳＫ側が当面議決権を行使できる保有株は自社株も含めて１０．８３％に過ぎない。半面、クレスト側は１２．３９％の株式を確保したため､議決権の保有率ではすでにＳＫグループを上回った。
　ゴールドマンサックス証券はクレスト社が敵対的買収合併を武器にグリーンメーリングを行う可能性があると指摘した。
　一方ＳＫ�鰍ﾍ仮にクレスト側がグリーンメーリングを行う場合、協力しない方針を決めた。
　またクレスト社が敵対的買収合併を試みた場合には自社株の買収やＳＫグローバルの海外パーキング（預けること）株式を有効勢力に売却する方式で対応する計画だ。

　　　　　　　　　　http://www.sk.com/home1/home.asp

SK is Korea’s fourth largest conglomerate and one of the leading business organizations in Asia. We are a major player in energy production and distribution, films, fibers, petrochemicals, telecommunications, engineering and construction, and international trade and finance. SK is made up of 40 member companies, including seven that are listed on the Korea Stock Exchange. We have a presence on six continents and number 25,000 employees of many nationalities.

When was SK established?
Jong-Kun Choe founded SK in 1953 as a small textile firm. Since then, we have grown to become one of the most successful vertically integrated companies in the world. Against strong odds, we became the first company in Korea to manufacture polyester fiber. By the end of the 1980s, we integrated upstream, moving into oil production, refining, and petrochemical production. In 1991, we reached our goal of achieving complete vertical integrationーcalling it From Petroleum to Fibers.

The SK Corporation is a leading supplier and marketer of Korea’s energy resources. The company also engages in the development of oil fields and coal mines around the world. In addition, it has expanded business nationwide in city gas, lubricants, and other products. This is in line with the government’s goal to cultivate a resource-rich country.

Petroleum
In 1999, SK Corporation imported and refined 284 million barrels of crude oil and sold 300 million barrels. Although we face strong challenges, including multinational competition in the domestic market, pricing struggles among domestic suppliers, and skyrocketing oil prices, SK Corporation continues to maintain a large share- over 34 percent- of the domestic market. This is a result, in part, of our campaign to attract and retain customers through superior performance and a strong presence in non-petroleum business lines. For example, our BC Card, the Enclean Bonus Card and other customer-friendly services have captured and kept new customers.

In 1972, SK Corporation laid the foundation for development of a full-fledged petrochemical industry in Korea. It launched the country’s first naphtha-cracking facility with an annual production capacity of 100,000 tons. And in I999, SK Corporation sold nearly four million tons of chemicals. After painstaking planning and long-term preparation, the company successfully shaped a vertically integrated organization, covering every aspect of the business from oilfield development to polyolefin production.

Aromatics
SK Corporation produces aromatics that include benzene, toluene, xylene, orthoxylene, paraxylene, cyclohexane and styrene monomer. In 1999, the company sold 1.8 million tons of aromatics to other chemical companies.

Olefins
SK Corporation produces base olefins including ethylene, propylene and intermediates,the essential feedstock for downstream petrochemical products. We supply olefins to our own chemical plants as well as to other companies in the Ulsan Petrochemical Complex. This operation has played a leading role in the development of the domestic petrochemical industry. In 1999, our production capacity expanded to 1.7 million tons of base olefins and intermediates per year.

Solvents
A trailblazer in the domestic solvent industry, SK Corporation now produces 60 types of solvents. In 1999 alone, the company sold 340,000 tons. Solvents are widely used in paints, coatings, rubber, adhesives, agricultural chemicals, aerosols, magnetic tapes, and cleaning agents such as dry cleaning oil and industrial degreasers. In recent years, we have created environment-friendly solvents including de-aromatic solvent, isoparaffin solvent, and cyclopentane. We have also developed processes for producing carbonless duplicating paper, paraxylene desorbent, and other high-purity chemicals.

Polymers
SK Corporation produces polymers found in the plastics of automotive parts, electronic goods, communications cable, toothpaste tubes, ballpoint pens and even contact lenses.

Chemical Week 2002/4/17

SK Chemicals to Build PET Plant in Poland

SK Chemicals (Seoul) says it will build a 120,000-m.t./year polyethylene terephthalate (PET) plant in Poland with two separate, and undisclosed, joint venture partners. SK will hold 45% of the jv. The project’s location was not disclosed. The PET plant is due for completion by the end of 2003. It would be the first petrochemical project by a Korean company in Europe.

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Platts 2002/10/25

Korea's SK Chem to build JV PET plant in Poland by 2004

South Korea's SK Chemicals Co will build a joint-venture PET plant in Poland by 2004, a company source said Friday. The plant will have an annual capacity of 120,000mt, with production dedicated to SK Chem's customers in Eastern Europe. SK would hold a 60% stake in the JV, while the remainder would be controlled by local chemical producer Anwil, the European Bank for Reconstruction and Development, and several investors, the source explained. "Eastern Europe is a strong growth market for PET in which we already have many customers," the source said.

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2004/6/8 Platts

SK Eurochem sees new 400 kt/yr Polish PET plant online Apr 1, '05

The planned construction of SK Eurochem's new 400,000 mt/yr PET plant project in Poland was on track, with supply to the market from this unit expected to start Apr 1, 2005, said KY Song, the company's marketing director, Tuesday.
Speaking at the 5th New Europe, Russia & CIS PET markets conference at Vilnius in Lithuania, Song said by Jan 1, 2005, the plant would see mechanical completion. Pre-commissioning would start for roughly two months thereafter, before beginning to serve the market in April, he added.

The plant's initial capacity will be 120,000 kt/yr, with a two-stage expansion planned. The first expansion of a further 140,000 mt/yr was expected to take place at the end of 2005, while the second expansion of an additional 140,000 mt/yr would take place at the end of 2006, Song said. SK Eurochem plans to export PET resin to other parts of Europe from its Polish plant, Song said, adding that Poland's geographical position made it easy to access other markets.

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europa korea 2005/6

SK opens synthetic resin plant in Poland
http://korea.be/content/view/900/152/

SK Group has secured a solid foothold in the European chemical market by establishing its first plastic chip plant in Poland.

The group said on Wednesday (June 22) that SK Chemicals held a ceremony to inaugurate a polyethylene terephthalate (PET) chip plant in Wloclawek, Poland.

The PET plant is part of the SK Group's long-term globalization vision to foster its oil refining, mobile communication, chemicals and logistics affiliates into top-tier world players.

The plant will be operated by its European chemical production affiliate SK Eurochem, a joint venture in which SK Chemicals holds a 53.9 percent stake.
Polish chemicals firm Anwil holds a 17.4 percent stake, SK Engineering & Construction 10 percent, LG International Corp. 10 percent and the European Bank for Reconstruction and Development (EBRD) 8.7 percent.

With the new production facility, SK Chemicals is expected to gain an edge in the Eastern European market as it will be able to trim down the logistics costs and the PET products will be exempted from hefty import tariffs imposed by the European Union.

Unlike the already-saturated Asian market, the Eastern European chip market has vast growth potential because 70-80 percent of PET chip demand in the region still relies on imports.

SK Eurochem's plant marks the first PET production facility operated by Korean chemical firms in Europe and the largest Asian investment in the Polish chemical industry.

A total of $75 million was spent in construction of the plant, $24.3 million of which was invested by SK Chemicals. Other shareholders invested a combined $13.7 million.

SK Group raised $37 million in loans via project financing. The EBRD, which invested $3.3 million in return for an 8.7 percent equity stake in the Korean-Polish venture, lent $14 million and the Export-Import Bank of Korea lent another $14 million.

PET resin is a form of polyester used in the manufacture of preforms for bottles, typically for mineral water, carbonated soft drinks and various consumer goods.

The plant will produce 120,000 tons of PET chips a year and is expected to post 130 million euro in sales in 2006. SK Chemicals plans to boost annual PET production capacity of SK Eurochem to 400,000 tons and grab 10 percent of the European market by 2007.

“The global PET chip market is expected to maintain a robust annual double-digit growth of between 10-12 percent until 2007. We plan to expand our PET production bases overseas, especially in Indonesia, China and Latin America,” an SK Group spokesman said.

Some 180 people attended the PET plant completion ceremony. Attendees included SK Chemicals vice chairman Kim Chang-geun, Korean Ambassador to Poland Lee Sang-chul, Export-Import Bank of Korea president Shin Dong-kyu and Polish Minister for Economic Affairs and Labor Jacek Piechota.

化学工業日報　2002/5/13

韓国ＳＫケミカル、ＰＥＴＧ樹脂を日本で拡販

　韓国の大手化学メーカーであるＳＫケミカルが、環境に優しく透明性・加工性などに優れるＰＥＴＧ（グリコール変性ポリエチレンテレフタレート）樹脂「スカイグリーン」で、日本での販売戦略を加速する。世界で５０％以上のシェア獲得を目指す同社は、日本市場を最重要マーケットに選定。同樹脂の優れた特性および、国内メーカーと同等の物流・サービス体制を武器に、パートナーである三菱商事プラスチックとともに、まず年内に日本で３０％のシェア獲得を目指す。

SK Corp　History

SK Chemicals

Originally established as Sunkyong Chemical Fibers Limited in 1966, we have made significant progress in varied areas of our business since then.

Fibers and Textiles
Obtained a patent on flame-retardant and anti-static polyester filament

Petrochemicals
Introduced and approved the production technology for purified terephthalic acid/dimethyl terephthalate (PTA/DMT), the base material for polyester and film; built our own PTA/DMT plant in 1989 for production process efficiency.

Specialty Chemicals
The first company in Korea to develop SKYGREEN, a fully biodegradable aliphatic polyester resin; and also developed high-performance adhesives and special engineering plastics.

Advanced Materials
The third company in the world to develop super-engineering plastic polyphenylene sulfide (PPS) resin, and the first company in Korea to develop polyethylene terephthalate (PET) resin that is used worldwide for containers of soft drinks, mineral water, and cosmetics.

Life Science
The world’s first company to develop third-generation platinum complex anti-cancer agents, recognized as the first new medicine of this type in Korea.

2004/11/26 The Korea Times

SK Corp. to Invest $15 Mil. in China
http://times.hankooki.com/lpage/biz/200411/kt2004112615084211900.htm

SK Corp., the nation's largest oil refinery, said Friday it plans to invest $15 million in a solvent manufacturing facility in China as part of its efforts to expand in the Chinese market.

SK Corp. will invest in a new solvent manufacturing plant in Shanghai through a joint venture with leading Chinese chemicals firm SINOPEC.

Under the deal, SK Corp. and SINOPEC will own a 50 percent stake each in the new solvent manufacturing corporation, Shanghai Gaoqiao-SK Solvent, with a total investment of $30 million between the two companies.
（上海高橋）
SK said that the new facility will be capable of churning out 60,000 tons of environmentally friendly solvent products each year.

"This joint operation is the first of its kind, involving the leading energy and chemicals corporations in Korea and China," said Kim Chi-hyung, senior vice president of SK's chemicals business division.

"We believe that this venture can be the opening chapter in a new period of cooperation between both of our organizations, and indeed, both of our countries," he added.

The investment follows the launching of a holding company in China by SK Corp. last month, as part of its plans to become a major energy and chemical company in the Asia Pacific region with an annual revenue of 5 trillion won by 2010.

"Our ambition is to become the leading energy and chemicals corporation in the Asia-Pacific market and to establish our presence in this sector at a global level. We believe that this partnership with SINOPEC will be critical to helping us achieve this objective," Kim said.

China's overall solvent market is scaled at 2.7 million tons per year with a projected annual growth rate of 10 to 15 percent. Solvents are used in the chemical processing of a vast range of products such as paint, ink, cleaner and glue.

Under the joint venture, SK Corp. will provide its advanced solvent production technology and marketing and operations expertise, while SINOPEC will provide raw materials and utilities, as well other key elements of the required production infrastructure. Commercial production is scheduled to start from the second quarter of 2006.

In a separate deal, SK Corp. will establish another joint venture with local company Zhejiang Province Highway Materials in the Huadong province of China for the operation and management of a major asphalt distribution facility.
SK Corp. will own a 51 percent stake in the new venture, with a total investment of $6 million.

2005/7/18 Sovereign Asset Management

Sovereign Sells Investment In SK Corp
Sale Reflects SK Corp’s Failure To Implement Substantive Corporate Governance Reform
http://www.sov.com/english/11_1150.asp

Sovereign Asset Management (“Sovereign”) confirmed today that its group companies, including Crest Securities Limited (“Crest”), have sold their entire 14.82% stake in SK Corp.

Mark Stoleson, Head of Group Investments at Sovereign, said:
“Having exhausted all of the legal rights currently available to shareholders under Korean law Sovereign is now exercising the only meaningful right remaining open to us - withdrawal from our investment in SK Corp.”

The sale of the Sovereign group’s entire holding in SK Corp follows the repeated choice by the company’s Board to continue with its discredited leadership and poor governance practices at the world’s second largest single-site oil refiner.

Crest initially invested in SK Corp following the Board’s announcement that it intended to embrace internationally recognised standards of corporate governance and transform SK Corp into an example for corporate transparency in Korea. In June 2003, SK Corp’s Chairman, Chey Tae Won was convicted and imprisoned by the Korean courts for his part in an accounting scandal in which shareholders were defrauded of $1.2 billion.

SK Corp’s shareholders have yet to receive an explanation from the Board regarding the causes of the group’s multi-billion dollar losses, despite the creation of committees on Transparency and Governance. As committee meetings are no substitute for actual transparency and ethical business leadership, shareholders remain exposed to the possibility of a continuation of the large-scale frauds that have plagued the SK group in recent years. In 2004, Son Kil-seung, the SK Group chairman was convicted for various improprieties at SK Shipping including providing Won 249bn (USD 207m) to Asang Corp without Board approval, perpetrating a Won 38bn (USD 31.6m) corporate tax evasion, illegally obtaining Won 788.4bn (USD 657m) without Board approval which was then used to speculate in the futures market, and misappropriating Won 12bn (USD 10m).

Sovereign’s efforts over the last two years to encourage the adoption of simple steps to institute ethical leadership at the company have faced stiff resistance. The Board’s defence of a claimed “management right”, in the face of shareholders’ calls for management accountability, culminated in the return of the convicted Chairman to the head of the SK group. This situation remains unresolved despite the recent reconfirmation by the Korean High Court of the Chairman’s criminal conviction in massively defrauding his public shareholders.

When capital is entrusted by shareholders to a company’s management, this creates a fiduciary duty of care to manage the company in its shareholders’ best interests. Without confidence that a company’s management is both competent and ethical, investors can have no reasonable assurance that their capital will be correctly utilised. Repeated frauds without accountability shatter this essential bond of trust between investors and management, at the expense of the broader community. The effective use and allocation of capital is a key ingredient to national prosperity. Well-directed capital, invested in competent and ethical businesses, leads to prosperity for all.

Mark Stoleson, Head of Group Investments at Sovereign, said:

“Sovereign continues to believe in the future of SK Corp’s business, being driven by a buoyant energy market. However, there is a difference between a great business and a great investment. It is important that each company to whom we entrust our capital has not only the ability to develop its commercial potential, but also has a management team which is responsive to its shareholders’ concerns.”

“Without increased transparency, or real management accountability, it is hardly surprising that investors remain sceptical of SK Corp’s claims of reform. A simple comparison to S-Oil, which trades at a higher market value than SK Corp despite the fact that S-Oil has only half the profits, demonstrates the significant real cost of poor corporate governance for SK Corp’s shareholders. It is difficult to imagine a clearer confirmation of the direct relationship between corporate governance, corporate value and national wealth than that demonstrated by the SK Corp story.”

“The failure of SK Corp’s Board to implement internationally recognised standards of corporate governance three years after a multi-billion dollar accounting scandal has left Sovereign without any assurance that similar abuses will not be repeated again at SK Corp. It is with regret that we find ourselves obliged to terminate our involvement with this business, which clearly has excellent potential, and we wish the company and its shareholders much success in the future.”

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2005/6/12 Sovereign Asset Management

SK Corp - A Korean National Tragedy

Sovereign Asset Management (“Sovereign”) stated today that the continuing role of Chey Tae Won as Chairman of SK Corp, following the confirmation of his criminal conviction by the Korean Court on 10 June 2005, reinforces the need for ethical and credible leadership at SK Corp.

The tolerance by SK Corp’s board of a twice-convicted criminal as its Chairman breaches the most fundamental principles of corporate accountability, which are essential to protect the capital entrusted by shareholders to a company’s management. The manner in which Mr Chey has been permitted to return to the chairman’s office, and run the same group which he has been convicted of defrauding, has set an alarming precedent. Such unhealthy acquiescence to corporate misconduct at SK Corp comes at the expense of shareholders who have been shown to have few enforceable rights. This sends a terrible message to the future generation of young Korean business leaders.

The ongoing failure by SK Corp’s board or any of its frequently-touted committees on transparency or corporate governance to explain the multi-billion dollar losses at SK Networks, and assign clear responsibility for the massive fraud, show repeated claims of corporate governance improvements by the company to be cosmetic and lacking in substance.

James Fitter, Chief Executive Officer for Sovereign, said: “Over the last two years, we have sought to encourage SK Corp to choose the highest levels of transparency and accountability and yet disappointingly, none of the governance issues Sovereign raised with the board have been resolved.”

Mr Chey’s guilt in defrauding company shareholders has been placed beyond doubt by the court’s reconfirmation of his conviction. Mr Chey led the group for the past seven years, during which time much of the fraud took place.

The windfall of record profit margins in the refining industry may flatter SK Corp’s management, but the decline in the SK Corp stock price, in contrast to the rest of the Korean stock market this year, continues to demonstrate that the investment market retains a justified lack of confidence in Mr Chey’s leadership. The broken trust between SK’s management, and its shareholders who own the company, remains. The return on investment in S-Oil over the last 12 months has been four times greater than that of SK Corp [See Fig 1.] .


James Fitter, Chief Executive Officer for Sovereign, said: “The absence of meaningful change at SK Corp over the last two years is a national tragedy.

“Good corporate governance is synonymous with national prosperity. Without adherence to internationally accepted standards, SK Corp is perpetuating the Korean discount. The absence of accountability by the SK Corp leadership has not only done a disservice to its employees and its shareholders, but also to the advancement of Korea’s national prosperity.”

日本経済新聞　2005/8/20

仁川精油売却入札　ＳＫに優先交渉権　韓国　10月の本契約めざす

　韓国の石油精製大手、仁川精油を売却するための入札を実施した仁川地裁は１９日、エネルギー韓国最大手のＳＫに優先交渉権を与えた。ＳＫは仁川精油の買収で精製能力を拡大。中国など海外市場の開拓を強化する。
　仁川地裁は入札に参加した６社のうち買収価格や経営能力などを勘案し、ＳＫに優先交渉権を与えたもようだ。ＳＫは来週をめどに仁川精油と買収で合意し、１０月をめどに本契約を締結する。
　ＳＫの石油精製能力は日量８４万バレルで韓国首位。仁川精油は同２７万５千バレルで同５位。仁川精油の買収で能力は同１１１万５千バレルに拡大、アジア・太平洋地域では新日本石油に次いで四位の規模となる。
　仁川精油は経営危機に陥り法定管理(日本の会社更生法に相当)の適用を受け、裁判所の下で売却手続きに入っていた。２００４年、中国化学大手の中国中化集団が優先交渉権を獲得。買収価格を巡り債権者の金融機関と折り合いが付かず、白紙となった経緯がある。

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2005/08/18 聯合ニュース(Yonhap News)

仁川精油の買収入札、６社が提案書提出
http://japanese.yna.co.kr/service/article_view.asp?News_id=652005081802100&FirstCd=02

　仁川地裁は１８日、仁川精油売却の入札提案書の受付を締め切ったところ、ＳＫ、エスオイル、ＳＴＸコンソーシアムの国内３社と、シノケム（中国中化集団公司）、シティ・ベンチャーキャピタル、モルガン・スタンレー・エマージング・マーケットの海外３社がプロポーザル（提案書）を提出したと明らかにした。

　これに先立ち、裁判所は先月１２日に仁川精油の買収意向書を提出した１２社とファンドのうち９社に入札の機会を与えていた。このうち、国内企業であるＧＳカルテックスと湖南石油化学は入札に参加しなかった。外資系のシティベンチャーキャピタルは、仁川精油の最大債権者であるシティグループ・ファイナンシャルプロダクツとコンソーシアムを構成して今回の入札に参加した。

　売却主幹事の三逸会計法人は、買収価格と資金調達能力、経営計画などを評価し、来週中に優先交渉対象者を決定する。本契約締結などの手続きを経て、早ければ１０月ごろには仁川精油の売却を完了する予定だ。

　２００３年３月に法定管理（会社更生法に相当）の認可を受けた仁川精油は、昨年９月に中国の国営石油会社シノケムと６３５１億ウォンで売却契約を交わした。しかし、最大の債権者であるシティグループが反対し、自社が買収する意思を表明したことから契約が白紙になっていた。裁判所は６月に売却入札の公告を行い、売却作業が再開された。

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ソウル・ジャパンクラブ 韓国ニュース　2005/8/9

湖南石火の積極攻勢　仁川精油再入札の変数に
http://www.sjchp.co.kr/koreanews/20050809/2005080905.htm

　 国際原油価格が「超」のつく高止まり状態を続けている中、経営破たん後に「無用の長物」扱いされてきた仁川精油の受け皿作業が俄然注目を集めている。
　中国のシノケムと１月に最終約直前までいったが、債権団から同意が得られず白紙化した。背景には、「かぼちゃ」が「馬車」に変わると判断した債権団の「変わり身」の早さがある。現在、原油価格高騰かそれを上回るピッチで、石油精製品価格も高騰を続けている。高原油価格下でも高い精製マージンが期待でき、スケールメリットが最も生かすことができるタイミングに入ったことが大きい。
　 それだけに筆頭株主のシティバンクグループは、より高く売却しようと、中国シノケムへの売却を否決し、今回自らも買収に名乗りを挙げた。そうしてその後、同社の売却再入札作業は、国内外の石油会社や石油化学業界など、計１２社が狂喜乱舞するステージに一段上昇した。
　 先月２５日からはソウル事務所など６カ所のデータルームで同社の売却再入札と関連した企業精査作業が進展中だ。業界は、なにより今回の仁川精油買収問題が、石油業界だけでなく、石化産業のマーケットシェアを変化させる大きな変数になると見ている。

《湖南石油化学の買収時に影響予想》
　 今回の買収戦は石化メーカー湖南石油化学の参加で、石火業界へも影響が出てくることが予想されている。
　積極的な買収・合併（Ｍ＆Ａ）を通じてロッテ大山油化（旧・現代石油化学第２工場）とＫＰケミカルを買収したロッテグループが仁川精油を買収した場合、石化事業の垂直系列化が完成し、ナフサなど石油化学原料の安定供給が期待され、それだけ原価競争力やシナジー（相乗）効果が出る可能性がある。
　 また韓国でもトップクラスの現金ストックと流通網を持つロッテは、仁川精油の不良化した販売網を一気に正常化させることができそう。
　 特に湖南石火はグループ内の石化３社（湖南石油化学、ロッテ大山油化、ＫＰケミカル）の原料確保が最大の目的だ。
　実際、湖南石火はロッテ大山油化買収で石油化学原料に用いられるナフサの輸入量を現在の１３０万トンから３００万トン以上へと大幅に増やさなければならない。またＫＰケミカル生産しているパラキシレン（ＰＸ）原料である混合キシレン（ＭＸ）の安定供給を受けるためには、石油精製業への進出が不可欠。現在ＫＰケミカルは１１０万トンのＭＸを外国の石油会社から９５万トン、仁川精油から１５万トンをそれぞれ購入している。
　 １日２７万５０００バレルの原油精製能力を持つ仁川精油は年６０万トンのナフサ、ベンゼン１０万トン、トルエン２５万トン、ＭＸ４０万トンを生産している。
　ロッテグループは６月３０日に石化３社への１兆４０００億の投資計画を発表した。業界関係者は、「今回のロッテグループが発表した投資計画は石油精製会社買収を通じた垂直系列化なくは、一部実現が難しい計画もある」として、発表されたこの計画は、今回の買収戦参加を折り込み済み、という見方も出ている。

2007/10/12 SK

SK Energy eyes investments in Peru, in talks on petchem project

South Korean energy giant SK Energy, formerly known as SK Corporation, is looking at expanding its energy investments in Peru and is in talks to build a $2 billion petrochemical project there, the company said in a statement earlier this week.

SK Energy is currently engaged in production in Block 8 and the Camisea region with a daily total production of 80,000 barrels of oil equivalent/day.

The company also anticipates additional supply in 2008 from Block 56, which is currently under development. In addition to oil production, SK is taking part in the Peru LNG project, which is expected to start commercial production in early 2010. Most recently, SK obtained a 100% stake in offshore Block Z-46 in the country's latest bidding round.

"Since our first participation in E&P activities in Block 8 in 1996, SK has been deeply committed to Peru for more than a decade. We have invested $900 million in resource development and with future investments in the petrochemical division, we anticipate our investment in the region to reach $2 billion," Chey Tae-Won, SK Energy's chairman and CEO said after meeting Alan Garcia, Peru's president on October 9.

"We have spoken with the president about a future petrochemical project that would require investments of $2 billion. My company is very interested," Won said. He, however, did not elaborate on the project.

Peru's state-owned oil and gas company Petroperu recently inked agreements with Brazil's Petrobras and India's Reliance Industries for energy cooperation including joint investments in petrochemical projects. The Peruvian government is also considering a bill that would grant tax benefits to the country's petrochemical industry.

SK Energy is South Korea's largest refiner and petrochemical producer and operates a giant refining and petrochemicals complex in Ulsan on the country's southeastern coast. The Ulsan complex houses an 840,000 b/d refinery, a 2.16 million mt/year naphtha cracking plant, a 2.15 million mt/year aromatics unit and other associated secondary units.

SK also has upstream operations in 14 countries and is targeting to lift its proven oil and gas reserves by 37% to 700 million boe by 2010 from 510 million boe currently.

May 27, 2008 Reuters

SK Energy to buy 35 pct of naphtha JV with Sinopec

South Korea's largest refiner SK Energy confirmed on Wednesday it had agreed to buy a 35 percent stake in a joint venture with Sinopec Corp to build a petrochemical complex in central China.

SK Energy declined to reveal the value of the deal but an industry source told Reuters last week the investment would be around 1 trillion won ($956.2 million).

The deal, which coincides with South Korean President Lee Myung-bak's visit to China this week, makes SK one of a handful of foreign firms to invest in China's huge petrochemical industry, which has been expanding at a double-digit annual rate in recent years.

SK Energy said in a statement the plant, which is already under construction in Wuhan City in central China, will have annual capacity of 800,000 tonnes and will begin operation by the end of 2011.

A Sinopec official had on Monday said that SK may take a 25 percent stake in the venture, although the South Korean industry source said last week the refiner was considering a stake of around 35 percent. (Reporting by Miyoung Kim; Editing by Keiron Henderson)

2007/4/9　中国、湖北省武漢市のエチレン計画を承認