A new private “energy giant” has emerged in the Asia-Pacific region. On November 1, the merged entity of SK Innovation and SK E&S officially launched. The combined company is named SK Innovation. Following the merger, the asset size totaled 105 trillion won as of the first half of this year, making it the largest private comprehensive energy company in the Asia-Pacific region.
On this day, SK Innovation completed the merger with SK E&S, along with merging its subsidiaries SK On and SK Trading International. On February 1 next year, SK On and SK Enterm will also merge.
With this merger, SK Innovation has established a portfolio covering current and future energies, including petroleum energy, chemicals, liquefied natural gas (LNG), electricity, batteries, and renewable energy.
Integrated SK Innovation aims to provide tailored energy solutions addressing diverse energy demands by integrating its various businesses and capabilities, aspiring to be a “Total Energy & Solution Company.”
SK E&S will operate as a Corporate Independent Company (CIC) within SK Innovation, using the new name “SK Innovation E&S.” The purpose is to maintain existing business competitiveness while maximizing merger synergies through organizational stabilization.
Although the SK E&S legal entity will dissolve post-merger, it plans to continue its business under the new CIC brand “SK Innovation E&S” and a new corporate image. The organizational operation will retain its existing structure to sustain business competitiveness.
Similarly, SK On has renamed the newly merged SK Trading International to “SK On Trading International” and will operate it as a CIC entity.
Through this merger, SK On intends to enhance its battery raw material procurement competitiveness and bolster financial soundness to strengthen its core business competitiveness.
SK Innovation President Park Sang-kyu sent an email to employees stating, “With this merger, we have acquired a balanced energy portfolio and can envision greater future growth,” urging the expansion of customer and market synergies.
SK Innovation E&S President Choo Hyung-wook emphasized at the launch of the merged entity, “By combining the diverse energy sources and business & technology capabilities of the merged entity, we will provide energy solution packages tailored to customer and regional characteristics, leading the innovation in the energy industry.”