SK Innovation Follows Asian Trail Into US Shale
BMI View : SK Innovation is the next major Asian corporation seeking to push deeper into the US, to take advantage of its unconventional boom to supplement its income. Not only would US upstream revenue help support falling income from its core downstream business in South Korea, SK's investment into the US could also support US production, that could in turn lead to growing ethane exports from the US into the international markets, to the benefit of SK's petrochemical operations.
SK Innovation is the next major Asian corporation seeking to expand its footprint in the US' unconventional space. President Koo Ja-young reportedly stated the firm's goal to expand its shale gas business in the US. South Korea's largest refiner not only intends to expand its upstream involvement in the US, but also to turn its US unit, SK E&P, into a 'global hub' for 'unconventional energy business'.
|Upstream Holding Up The Rest|
|SK Innovation - Operating Profits From Selected Quarters (KRWbn)|