SK Group to Raise Spending on Resources 60 pct This Year-Shanghai Metals Market

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SK Group to Raise Spending on Resources 60 pct This Year

Industry News 10:36:05AM Jan 09, 2012 Source:SMM

Jan 5 (Reuters) - SK Group, South Korea's third-biggest conglomerate, said on Thursday it planned to boost investment in developing resources by 60 percent this year to help the resource-hungry country boost self-sufficiency in oil, gas, coal, iron ore and others.

SK Group, which has resource-related units SK Innovation and SK Networks, plans to spend 2.1 trillion Korean won ($1.83 billion) in the development of resources in 2012, up from 1.3 trillion won last year.

SK Group also plans to more than double its total investments to a record 19.1 trillion won this year, out of which 10 trillion won has been earmarked for facility investment. It did not give a breakdown of investment by its affiliates such as refiner SK Innovation, mobile carrier SK Telecom and memory chip maker Hynix Semiconductor .

Total investments in 2012 include 3.4 trillion won it will spend to buy Hynix, which ranks behind Samsung Electronics in the global computer memory chip market. ($1 = 1148.8000 Korean won)

 

Key Words:  SK Group   investment   resources 

SK Group to Raise Spending on Resources 60 pct This Year

Industry News 10:36:05AM Jan 09, 2012 Source:SMM

Jan 5 (Reuters) - SK Group, South Korea's third-biggest conglomerate, said on Thursday it planned to boost investment in developing resources by 60 percent this year to help the resource-hungry country boost self-sufficiency in oil, gas, coal, iron ore and others.

SK Group, which has resource-related units SK Innovation and SK Networks, plans to spend 2.1 trillion Korean won ($1.83 billion) in the development of resources in 2012, up from 1.3 trillion won last year.

SK Group also plans to more than double its total investments to a record 19.1 trillion won this year, out of which 10 trillion won has been earmarked for facility investment. It did not give a breakdown of investment by its affiliates such as refiner SK Innovation, mobile carrier SK Telecom and memory chip maker Hynix Semiconductor .

Total investments in 2012 include 3.4 trillion won it will spend to buy Hynix, which ranks behind Samsung Electronics in the global computer memory chip market. ($1 = 1148.8000 Korean won)

 

Key Words:  SK Group   investment   resources