The owner of SK Energy, one of South Korea’s leading refineries, SK Innovation will invest in new growth opportunities and business innovations, Reuters reported.

Under the strategy, SK Innovation would target its continued investment on mergers and acquisitions in oil exploration and chemicals segments. Besides, it plans to expand its battery facilities.

In September, SK Innovation revealed its intentions to expand its operations in China by forning joint ventures or mergers and acquisitions of Chinese chemical companies.

Its subsidiary SK Global Chemical, in 2013, had invested a sum of 3.3tn won ($3bn) to form a joint venture named Sinopec-SK Wutan Petrochemical.

In April last year, the Korean company announced its plans to establish electric vehicle battery plants in China. However, it had to hold back on the plans due to regulatory problems in the region, two company officials told the publication.

Howver, the company plans to increase its battery production by expanding its battery facilities in its home country.

SK Innovation is planning to establish two more production units in Seosan in South Korean province of South Chungcheong to increase its battery production for electric vehicles, reported Pulse.

The Korean company is also likely to grow its employee strength by around 1,200 in the next five years as per the publication.

As part of its investment plans, the company, through SK Global Chemical, is seeking  to buy a stake from BP in the latter’s joint venture Shanghai SECCO Petrochemical Company formed with China’s Sinopec Group.