Chey Tae-Won, Chairman & CEO of SK Energy, met with President Alan Garcia of Peru to discuss economic cooperation, including natural resource development and petrochemical investments. SK Energy also conveyed its commitment in economic activities that will have a positive impact on the social well-being of Peru.

"Since our first participation in E&P activities in Block 8 in 1996, SK has been deeply committed to Peru for more than a decade. We have invested US$ 900 million in resource development and with future investments in the petrochemical division, we anticipate our investment in the region to reach US$ 2 billion," said Chey Tae-won, during a press conference after the meeting. "We have spoken with the president about a future petrochemical project that would require investments of $2 billion. My company is very interested."

SK Energy is currently engaged in production in Block 8 and the Camisea region with a daily total production of 80,000 boe/d. The company also anticipates additional supply in 2008 from Block 56, which is currently under development. In addition to oil production, SK Energy is taking part in the Peru LNG project. This should start commercial production in early 2010. Most recently SK obtained a 100 percent stake in the Peru Offshore Block Z-46 through a bidding round sponsored by Perupetro in July.

SK is further expanding its presence in Peru with not only economic investments but also social aids. The company delivered food, water and emergency supplies to Peru earthquake victims last August. SK also contributed US$ 300,000 to earthquake relief efforts.

"SK is not only doing business in Peru. We are also hoping to fulfill our social responsibilities through CSR activities," said Chey. "We believe the best way to contribute to Peru’s economic and social development is by creating more jobs and we will be able to do so through additional investments and commitments. We hope our presence in the region further forges relations between Peru and Korea."