SK Corp, South Korea’s biggest oil refiner, said it would establish a holding company in China as part of efforts to boost its presence in the fast-growing economy.

SK (China) Holding Co Ltd, due to be launched soon with paid-in capital of 34.6 billion won ($30.22 million), would help co-ordinate SK’s investments in energy, petrochemical and life sciences in China, the company said in a filing to the Korea Stock Exchange.
The holding company would also supervise operations of SK Cor.’s existing affiliates in China, most of which are currently marketing the refiner’s petrochemical and oil products, it said.
Meanwhile, SK Corp plans to lift its crude oil processing rates for November by four per cent to 800,000 barrels per day (bpd) from October, a company source said.
The source declined to elaborate on the reasons for the higher crude runs.