SK and Formosa
SK Group Chairman Chey Tae-won has established the foundation of the group’s major business areas, such as energy, chemicals and information communication technology (ICT), in Hong Kong and Taiwan, the so-called “Greater China region.”
After he visited the group's overseas affiliates in China, including SK Hynix’s Wuxi plant and SK Global Chemical’s Wuhan naphtha cracking center (NCC) plant, Chey met heads of China’s leading firms to bolster partnerships.
The SK Group announced on Sept. 3 that Chairman Chey Tae-won met with William W. Wong, chairman of the Formosa Plastics Group, which is Taiwan’s largest conglomerate, and agreed to further strengthen business cooperation in areas such as energy, chemicals, and ICT. There is high probability of collaboration, since the Formosa Plastics Group’s major business areas are oil refining, petrochemistry, thermal power generation, and ICT, which are similar to the SK Group.
The SK Group has maintained a partnership with the Taiwanese firm since 1998 for expertise in oil refining plant operations and energy storage systems (ESS).
Earlier, Chairman Chey met Liu Minghui, president of China Gas Holdings (CGH) on Aug. 31. SK Group is one of the three major shareholders of the CGH. He also visited SK Hynix Taiwan on Sept. 1. Moreover, he held a series of meetings with global leaders on Sept. 2, including with FEG Chairman and CEO Douglas Hsu, Foxconn Chairman Terry Gou, and ARATS President Chien Foo.