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2 SK Innovation subsidiaries acquire 35% stake in Myanmar’s BOC

SK Innovation said Friday that two of its subsidiaries, SK Energy and SK Trading International, have acquired a combined 35 percent stake in Best Oil Co., the second-largest oil retailer in Myanmar. 

The two companies spent about 150 billion won ($127.7 million) to hold 17.5 percent of BOC’s shares each.

BOC has market share of 17 percent in Myanmar’s oil retail market.

The deal was aimed at securing stable exports and a trading destination, and making inroads into the foreign retail market, said SK Trading International CEO Seo Seok-won.

By Cho Chung-un (