SK chasing green projects in China

HONG KONG - SK Group is seeking to tap into China’s environment sector as the world’s No. 2 economy expands its investment in environmental protection, company officials said last week.

SK Group, the third-largest conglomerate in Korea, recently signed an agreement with 21 SMEs to cooperate in entering and developing the Chinese environmental protection market, SK Group officials said.

The conglomerate is one of the leading energy companies in Korea.

SK Group will work together with the 21 companies in areas such as water treatment, soil purification, air protection and waste management.

The conglomerate will also provide its corporate partners with legal, tax, accounting and consulting services as well as financial support by attracting Chinese domestic investment, and making full use of its network and brand awareness in China, the officials said.

China, the world’s largest energy consumer and the biggest emitter of greenhouse gases, has been revving up its efforts to create more sustainable economic growth.

The State Council, the country’s cabinet, said last year that it aims to invest 3.4 trillion yuan ($536 billion) on environmental protection projects from 2011 to 2015.

It hopes to reduce sulfur dioxide emissions by 8 percent, raise the ratio of non-fossil fuels as part of total energy use, lower the ratio for coal, and add 42 million tons of daily sewage treatment over the five-year period.

In 2010, SK Group launched its Chinese subsidiary SK China to control SK Group affiliates in Asia’s largest economy.

They will engage in such business sectors as new energy, petrochemicals, next-generation information and communication technology, and urban development.

SK China saw its sales reach 28 billion yuan last year.

Yonhap