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SK Energy changes name to SK Innovation

SK Energy has decided to change its corporate name to SK Innovation, the company said. The nation’s largest oil refiner said it will divide its petroleum and chemical businesses starting next year. SK Innovation, as a mother company, will have the petroleum and chemical businesses, and another subsidiary, SK Lubricants Co., under it. The company will mainly focus on research and development, exploration and production and, lithium ion batteries. The tentative names for SK’s petroleum and chemical subsidiaries are SK Energy Petroleum and SK Energy Chemical, respectively. “We have been feeling the need for new names for our different subsidiaries, which characterize their business well while representing SK Energy’s brand power it has been accumulating for a long time,” a company official said. (October 28, 2010)