An electric car in operation on the southern island of Jeju.[Courtesy of Jeju Province]
South Korea's biggest oil refiner SK Innovation vowed Wednesday to actively seek mergers and acquisitions with global partners and indicated it would build electric vehicle batteries in China.
Without disclosing details such as a specific timetable, SK Innovation vice Chairman Chung Chul-khil said his company would boost its corporate value by focusing on the acquisition of viable companies.
"There might be an announcement soon on our investment plan in China," he told reporters, ruling out any "blind shooting".
SK Innovation, a key unit of South Korea's third-largest conglomerate, SK Group, has invested heavily in the electric vehicle (EV) battery business. It now provides lithium-ion batteries for EVs produced by South Korea's Kia Motors and China's state-run Beijing Automotive Industries Holdings.
The company already runs an EV battery joint venture in China to compete with domestic rivals LG Chem and Samsung SDI which started battery production last year in the world's largest auto market. In February, it secured a crucial deal to provide battery cells to Germany’s Daimler AG.
Competition among global automakers and battery producers has intensified in China, which has stepped up the production of electric vehicles in an effort to reduce air pollution and oil consumption.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
