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| From left, SK Trading International CEO Suh Sok-won, SK Energy CEO Cho Kyong-mok, Best Oil Company (BOC) Chairman Aung Shwe and BOC CEO Win Swe pose for a photo during a partnership signing ceremony at Lotte Hotel Yangon, Thursday. / Courtesy of SK Innovation |
By Jun Ji-hye
SK Innovation has acquired a 35 percent stake in Myanmar's second-largest petroleum product distributor for 150 billion won ($127 million) through its two subsidiaries in a bid to accelerate its overseas expansion, the company said Friday.
The nation's top refiner said SK Energy and SK Trading International will each have a 17.5 percent stake in Myanmar's Best Oil Company (BOC).
BOC has a 17 percent market share in Myanmar's oil market and has subsidiaries ― PT Power in charge of petroleum import and distribution in southern Myanmar, and PSW in charge of constructing and operating petroleum product import terminals.
SK Energy CEO Cho Kyong-mok and SK Trading International CEO Suh Sok-won participated in a signing ceremony held Thursday in Yangon, which was also attended by BOC Chairman Aung Shwe and BOC CEO Win Swe.
"This is a strategic investment for us to secure a stable export and trade market, and create opportunities to make inroads into overseas markets," Suh said.
SK Energy and SK Trading International have been exploring various investment opportunities in Southeast Asia's rapidly growing oil market. Last year, SK Energy acquired a 5.23 percent stake in Vietnam's PC Oil.
"SK will continue to enhance our influence in the Southeast Asian market," Cho said.
