The chairman of South Korea’s SK Group launched a five-day business tour of Vietnam, aimed at expanding the conglomerate’s oil exploration projects in the Southeast Asian country and securing crude supplies for group refiner SK Corp, a company official said.

Chey Tae-won, chairman of the country’s fourth-largest conglomerate, is part of business delegation accompanying President Roh Moo-hyun on his state visit to Vietnam.
Roh has vowed to help SK Corp secure stable crude supplies from Vietnam, Asia’s sixth largest crude producer.
During his stay in Hanoi, Chey is scheduled to meet Vietnamese Deputy Prime Minister Vu Khoan to discuss oil exploration in Vietnam.
“Chey’s visit is part of the company’s efforts to expand upstream oil projects overseas,” a company official said.
Also, SK Corp is considering expanding investment in Vietnam’s offshore Sutu Vang oil field, he said.
SK Corp currently owns a 9 per cent stake in a joint venture operating Vietnam’s offshore Block 15-1, which holds the Sutu Den, Sutu Trang and Sutu Vang oil fields. Since October 2003, the block has been pumping 85,000 bpd crude, the official said.