SK Innovation Co., South Korea's top refiner, said Friday its two affiliates have acquired a 35 percent stake in Myanmar's second-largest petroleum product distributor, for 150 billion won (US$127 million).
SK Innovation said the two units -- SK Energy Co. and SK Trading International Co. -- will each have a 17.5 percent stake in the holding firm of Myanmar's Best Oil Co. (BOC).
"This is a strategic investment for us to create new growth momentum by securing a stable export and trading market," SK Innovation said.
BOC holds a 17 percent market share in Myanmar and has subsidiaries like PT Power, a petroleum product distributor in southern Myanmar, and PSW, a oil terminal operator, according to SK Innovation.
Demand of petroleum products in Myanmar is projected to grow an average 10 percent a year until 2025, SK Innovation said.
SK Innovation said the latest move is also aimed at expanding its presence in the Southeast Asian market. Last year, SK Energy bought a 5.23 percent stake in Vietnam's PetroVietnam Oil Corp. (Yonhap)