SK Innovation, SK E&S announce merger
The merger is set to create a comprehensive energy company that encompasses the entire value chain of both current and future energy sources.
SK Innovation and SK E&S have announced their decision to merge, evolving into a comprehensive energy company.
This new structure will encompass the entire value chain of both current and future energy sources, including oil, LNG, hydrogen, SMR, and more. In addition, both companies will continue their electrification businesses like batteries and ESS.
“Through this merger, SK Innovation will grow into a ‘Total Energy & Solution Company’ that leads Korea’s energy industry from the present into the future,” said Park Sang-kyu, CEO & President of SK Innovation.
The combined entity will transform into an energy company with assets totaling KRW 100 trillion and revenues of KRW 88 trillion, positioning itself as the largest private energy company in the Asia-Pacific region.
“Based on the synergies created through the merger, SK E&S will enhance its green portfolio centered on its four core businesses and lead the future energy market,” added Choo Hyeong-wook, CEO & President of SK E&S.
SK Innovation was established in 1962 as the first oil refining company in Korea. It is now diversifying into future energy sectors such as electric vehicle batteries, small modular reactors (SMR), ammonia, and immersion cooling, making it the largest energy company in the country.
SK E&S was spun off from SK Innovation in 1999 as a city gas holding company, becoming the country’s leading private LNG company. It is now transitioning to a green portfolio that organically integrates its four core businesses – city gas, low-carbon LNG value chain, renewable energy, and hydrogen and energy solutions.
