KBR (NYSE:KBR) formed a new joint venture, SK-KBR Technologies Pte. Ltd. (SK-KBR), with Korean-based SK Energy Co., Ltd. (SK Energy).
Under the Shareholders’ Agreement, SK-KBR is granted exclusive worldwide rights to market and license SK Energy’s petrochemical and related process technologies on a global scale.
“This agreement extends KBR Technology’s portfolio in the petrochemical market and signifies our firm commitment to growth in this market segment,” said Tim Challand, President, KBR Technology. “With long-term experience and a proven track record of delivering innovative technology solutions to customers worldwide, KBR is confident in its capabilities to successfully introduce SK Energy’s technologies to the global marketplace.”
“This is a good opportunity to bring together each company’s strength to the global market. I’m confident that SK Energy’s cutting edge technologies, along with KBR’s global marketing and engineering capabilities will deliver new value to clients,” said Dr. DS Kim, President of SK Energy Institute of Technology (SKEIT). “With the vision of becoming a technology driven company, SKEIT is making a major contribution in positioning SK Energy for stronger future growth globally. SKTPL will help to bolster the value of SK’s proprietary technologies and enhance its global reputation.”
KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power and industrial markets.
Founded in 1962 as Korea’s first oil refiner, SK Energy (a newly formed entity of former SK Corporation) is one of the world’s leading energy and petrochemical companies with 5,629 employees, US$ 36.4 billion in sales (as of 2008) and 26 offices spanning the globe. The company is strategically positioned as Korea’s largest refiner with a refining capacity of 1.15 million barrels per day.
SK Energy’s leadership allows it to maintain competitive advantages in regional refining markets while penetrating new markets around the world through a diversified business portfolio. SK Energy’s rapid growth in its business sectors – coupled with an expanding position in China – has increased its global footprint and helped position it as one of the most significant enterprises in Asia Pacific’s energy marketplace.