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SK Innovation expects strong performance

SK Innovation Co., Korea’s top refiner, said its net profit rose 82% in 2010 from a year earlier due to strong performance in the petroleum division. Net income came to 1.24 trillion won (US$1.1 billion) in 2010, compared with 680 billion won (US$608.56 million) a year ago. Sales rose 22.4% to 43.86 trillion won (US$39.3 billion) on higher oil prices. Operating profit rose 88% to 1.7 trillion won (US$1.5 billion). SK Innovation, formerly known as SK Energy Co., spun off its petroleum and chemical divisions on January 1, to sharpen its competitive edge. The refiner has three wholly owned units–SK Energy Co., SK Lubricants Co. and SK Global Chemical Co.–under its wing. The refiner’s petroleum division posted 30.36 trillion won (US$) in sales last year, up 25% from 24.27 trillion won (US$21.7 billion) in 2009, on the back of increased demand for oil products stemming from expectations of an economic recovery. (January 21, 2011)