SK Innovation Company, Ltd.
Formerly operating under the name SK Energy, SK Innovation is the chemicals, energy and lubricants division of South Korea’s largest oil refinery—SK Group (originally Korea Oil Energy), which has oil and gas operations in 16 countries around the world. SK Innovation produces petrochemicals, lubricants, clean fuels, and batteries for electric vehicles. The company is headquartered in Seoul, South Korea. Its chief competitors are Daewoo International Corporation and IDEMITSU KOSAN Co, Ltd.
Korea’s first oil refinery was opened in 1964 under the name Korea Oil Energy. It was the country’s initial step toward strategic and economic independence. Over the next several years, Korea Oil Energy added to its oil refinery facilities and capabilities. The 1970s ushered in a period of economic stability for Korea, enabling domestic corporations such as Korea Oil Energy to grow and increase its influence in the oil and gas industry. During this decade, the petrochemical business was initiated and Korea Oil Energy began delivering chemical materials to markets throughout the country. In 1982, Korea Oil Energy became Yukong Company, Ltd., and expanded its oil extraction and refining capabilities. In 1997, Yukong became SK Innovation Company. From this point forward, SK Innovation embarked on several significant initiatives that enhanced is competitiveness in the international chemicals, petroleum and lubricants market. Through mergers, affiliations, investment in R&D and additional production facilities, SK Innovation succeeded in becoming Korea’s largest energy and petrochemical company.
SK Innovation has five primary subsidiaries:
SK Global chemical
SK Incheon petrochemical
SK Trading, international
Subsidiaries and Products
SK Energy produces and delivers petroleum, LPG and specialty petroleum products, such as asphalt, FCC slurry and molten sulphur. With branches in Los Angeles, Beijing, Singapore, London and Dubai, SK Energy is delivering product to an international client base that covers three continents.
SK Global Chemical produces a wide variety of product from base to sophisticated, utilized by industries such as paints, cosmetics, automobile, electronics and communications. Products include:
Ethylene and propylene
Polymers, used in automobiles, communication devices, electronic components, storage containers, etc.
Aromatic products, such as para-xylene, benzene, styrene monomer, and toluene
SK Lubricants produces high-quality lubricants, ZIC and YUBASE. Yubase is a pure base oil, extracted and produced under intense, technologically advanced processes. From it SK Lubricants is delivering the product ZIC, a motor oil that optimizes automobile engine performance and longevity.
SK Incheon petrochemical develops clean energy technologies, such as gasoline blends that reduce carbon fuel emissions, suitable for all gasoline engine-driven vehicles, including automobiles, boats, motorcycles and other on/off-road vehicles.
To further enhance its position in the international marketplace, SK Innovation has formed a number of strategic alliances and vendor positions with corporations around the world. For instance, last summer, SK Innovation announced that it had been selected to provide an ESS system to Germany, as part of a testbed project in Magdeburg, Saxony-Anhalt. In coordination with Germany’s premier R&D institution, Fraunhofer, SK Innovation will build a micro-grid ESS system, gaining an important foothold in the European renewable energy market.
SK Innovation has made it a cornerstone of its strategic plan to implement the most advanced, green and safe production technologies in order to protect the economic and environmental conditions of communities throughout the world, a safe and healthy environment for its workforce and the most clean product possible for its international base of consumers.