SK’s Lubricant Unit Revs Up Overseas Push

SEOUL, Apr. 30 (Korea Bizwire) — SK Lubricants Co., a unit of the country’s top oil refiner SK Innovation Co., is seeking to beef up its overseas presence through joint ventures (JVs) with global refiners, industry sources said Sunday.

SK Lubricants is eying JVs with global players to build plants in the North American region, as well as in China, the sources said.

SK Lubricants is already operating two overseas plants in addition to its plant in the port city of Ulsan, 414 kilometers southeast of Seoul.

The company has been preparing for an initial public offering worth up to 1.5 trillion won (US$1.4 billion).

But last week, SK Innovation said it has decided to nix the IPO plan of its wholly owned SK Lubricants, out of concerns over the undervaluation of its offering. SK Innovation was planning to use the proceeds from stake sales in its affiliate to fund its future growth.

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