South Korean, Japanese Refiners Forge Strategic Alliance

Jan. 22, 2007
First agreement between Asia's major refiners.

Top oil refiners in South Korea and Japan Jan. 22 announced a strategic 10-year alliance to cooperate in all business areas including a future investment in the region. The alliance between SK Corp. and Nippon Oil Corp. (NOC) will cover exploration, refining, transportation, petrochemicals and lubricants, SK officials said. SK, Asia's fourth largest refiner, and Nippon Oil, the third largest, will maximize "efficiency and business growth" in overseas markets through cooperation in investment and marketing, they said.

It was the first broad-range strategic alliance between Asia's major refiners.

Nippon Oil keeps a 26% share in the Japanese energy fuel market, with group sales in the year to March 2006 estimated at 6.1 billion yen (US$50.4 million.)

"Collaboration like this allows both SK Corp and NOC to increase their global competitiveness in today's dynamic oil industry through cost reduction and sharing of resources," said SK president Shin Heon-Cheol.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!