SK Innovation accelerates growth as top global energy firm
SK Innovation, the holdings firm for SK Group’s oil refining and petrochemical businesses, has become a successful technology-driven global energy firm. Formerly named SK Energy, SK Innovation was given three subsidiaries when the SK Group decided to spin off its petrochemical business in January 2011: SK Energy, SK Global Chemical and SK Lubricants. Since its launch, the holdings company has registered exports of KRW41 trillion (US$38.7 billion) by the third quarter of last year. Exports made up 73% of total sales in the same quarter.
Its subsidiary SK Energy has relocated its key trading base to Singapore, Asia’s oil hub, to strengthen its product portfolio and to be closer to the market. It sells over half of its petrochemical products in overseas markets, and has reported a record export volume of 30 trillion won (US$27.42 billion) as of September last year. As a result, petrochemicals became the company’s top export product, overtaking sales of automobiles, electronics and vessels. Exporting its technology, SK Energy takes charge of the operation and maintenance of Petro Vietnam.
SK Innovation’s other subsidiaries, SK Global Chemical and SK Lubricants have also shown growth in terms of exports and globalization efforts.
As part of its global drive, SK Innovation has announced the launching of E-Motion, a joint venture in Berlin with German car component and tire manufacturer Continental to cooperate closely in its battery business for electric cars. (January 22, 2013)