In 2009, SK energy focused on securing mid-to-long-term growth through stable profit earnings from domestic markets and expanding overseas in order to fulfill the conditions for survival and to build growth potential. In particular, we have implemented a global business network to enter strategic regions in Asia, the Middle East, Africa and South America, while strengthening our marketing activities. As a result, we have concluded an O&M (operation & maintenance) service contract worth $66 million with BSR (Binh Son Refining & Petrochemical Co., Ltd.), the first oil refinery in Vietnam, on September 15, 2009 to handle overall plant operation including maintenance and repair services.
Technology business of SK energy will increase sales and realize mid-to-long-term large-scale O&M project implementation capabilities geared toward global markets by securing a base in Southeast Asia with the BSR project. In 2009, we recorded KRW 45.4 billion in sales and KRW 11.9 billion in operating profit from our technology business due to cost reduction and increased profit in the domestic market as well as achievements in overseas markets, such as implementation of an O&M service project for Equate of Kuwait.
In 2010, SK energy was able to escape from the global economic stagnation that had been aggravating business since 2008. The needs for O&M service are expected to increase gradually as installation of large-scale oil refinery type petrochemical plants in the Middle East regions and installation of refinery improvements in developing countries are increasing. Therefore, SK energy will assign the domestic technology business to the related divisions and focus on expansion of the overseas technology business.
At the same time, SK energy will continuously work toward building recognition value and influence in the global O&M market by achieving both horizontal expansion, such as additional development of new projects such as the BSR project, and vertical expansion into high value-added markets, such as commencement of O&M services for LNG plants, exploration & production, and project management consulting.
In addition, in order to simultaneously achieve top line and bottom line growth, SK energy will strengthen joint marketing activities with our global business network and concentrate on improving management with an emphasis placed on more efficient project cost management.