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SK Innovation s Ulsan refining complex in Korea
SK Innovation Co., South Korea s leading electric vehicle battery maker, is on course to raise more than 5 trillion won ($4.5 billion) this year from asset sales, which will likely accelerate its transformation into an eco-friendly company.
Following the $2 billion settlement under which it is paying 500 billion won each this year and next on top of royalty payment to LG, SK Innovation cashed in 2.45 trillion won worth of shares in two units SK IE Technology Co. and SK Lubricants Co. Additionally, it expects to receive 1.25 trillion won from the sale of its stakes in two gas fields in Peru to Argentina s oil company Pluspetrol this year.
(Source: Getty Images Bank)
SK Innovation Co. has sold its entire ownership in its US shale oil fields and their relevant facilities, in line with its parent group s efforts to scale back on oil and chemical operations to focus instead on electric vehicle batteries and other eco-friendly businesses.
The South Korean refinery and EV battery maker agreed with Texas-based BenchMark Energy Corp. in January of this year to sell the US assets for an undisclosed sum, SK said on Mar. 7. They are set to complete the transaction this month, which industry watchers estimate at several hundreds of million dollars.
The SK Group s arm acquired the US oil fields located in Oklahoma and Texas between 2014 and 2018 to secure crude oil at lower prices. In 2014, the company purchased stakes in oil fields in Crane County, Texas, as well as in Grant and Garfield Counties in Oklahoma. In 2018, it acquired the entire stake in US shale oil developer Longfellow Nemaha, including an interest in t
South Korea-based Kumho Petrochemical Co. stunned the market last year with a positive earnings surprise in the third quarter of 2020. The company posted an operating profit of 213.7 billion won ($194 million), almost triple the amount from the year-earlier period, thanks to the soaring sales of NB latex during the COVID-19 pandemic.
NB latex is a type of synthetic latex used to make industrial, cooking and surgical gloves.
Kumho Petrochemical did not expect the boom to continue as overseas competitors began to aggressively expand their production. Industry watchers projected NB latex prices to plunge due to the oversupply.
But they were wrong. The price of NB latex posted $1,822 per ton last month, up by 15% from the previous month and a staggering 92.6% increase from the same period last year.
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