SK Energy, South Korea’s biggest oil refiner, formed a joint venture with a Chinese company that will invest in a new biomass plant in China’s Shandong province, the Electronic Times reported.
SK Energy will invest 30 billion won ($26 million) and begin construction of the plant in 2012, the newspaper said, citing the South Korea company. The Chinese company, which wasn’t named, will have a 51 percent stake in the venture, according to the report.
The investment will be SK Energy’s first such project to reduce greenhouse emissions abroad and sell the reductions in credits certified by the United Nations, the Electronic Times said.
SK Energy began reviewing the profitability of these projects in earnest this year and will continue to look for more opportunities, the newspaper cited a company official as saying.
©2010 BLOOMBERG L.P. ALL RIGHTS RESERVED.
