SK Innovation Co., Ltd. history, profile and corporate video
SK Innovation Co., Ltd. is a SK Group’s intermediate holding company in the field of energy, petrochemical, e-mobility battery, information electronic materials businesses. It is headquartered in Seoul, South Korea.
SK Innovation’s history goes back to 1962 when the Korea Oil Corporation, Korea’s first refining and chemical company, was established.
In 1982, the Korea Oil Corporation changed its name to Yukong.
In 1970, Gulf acquired 50% of the stocks and management rights of the company
In 1980, Sunkyoung Group acquired management rights according to the government’s privatization policy. That year, the Korea Oil Holdings Corporation took over the 50% stocks held by Gulf.
In 1997, Yukong Corporation changed its name to SK Corporation. That year, SK E&P Company, a local oil field development subsidiary, was established.
In 2000, the anti-depressant agent (YKP10A) technology was sold to Johnson & Johnson (Currently, SK Biopharmaceuticals, a 2007 spin-off under SK inc.)
In 2007, SK Corporation was split into a holdings company (SK inc.) and an operating company (SK Energy).
In 2010, the company was selected as a battery provider for high-speed electric vehicles of Hyundai and Kia Motors.
In 2011, the petroleum and chemical businesses were split and the name was changed to SK innovation. Also that year, the company was selected as a battery supplier for high-speed electric vehicles of Mercedes Benz.
In 2016, the company signed lithium-ion battery cell supply contracts with Daimler AG and Mercedes Benz on electric vehicle models.
SK Innovation operates through the followings business segments: Petroleum Production, Batteries, Information & Electronic Material, Petroleum Business, Chemical·Lubricant Business, and Trading. It operates along with six major subsidiaries, including SK Energy, SK geo centric, SK Lubricants, SK Incheon Petrochem, SK Trading International and SK IE Technology.
Petroleum Production
In the Petroleum Production segment, SK Earthon explores major reservoirs around the world and produces oil and LNG.
Batteries
In the Batteries segment, SK on is a provider of lithium-ion batteries for the electric vehicles of the major global automakers.
Information & Electronic Material
In the Information & Electronic Material segment, SK IE Technology focuses on the field of information and electronic materials such as LiBS and FCCL.
Petroleum Business
In the Petroleum Business segment, SK Energy (one of Korea’s largest refineries) and SK Incheon Petrochem engage in refining crude oil to produce eco-friendly and high-performance fuels, gases, asphalt and naphtha (a major source of chemical products).
Chemical·Lubricant Business
In the Chemical·Lubricant Business segment, SK geo centric, SK Lubricants and SK Incheon Petrochem use the products generated in the refining process (naphtha, UCO) to produce various chemical products and engine lubricants.
Trading
In the Trading segment, SK Trading International focuses on the import of Crude oil and naphtha used to produce petroleum products and export of products produced by SK Energy and SK Incheon Petrochem.
With more than 2,500 employees, SK Innovation Co., Ltd. is considered one of the Top 2000 Largest Public Companies in the World, according to Forbes.
*Information from Forbes.com, Wikipedia.org, and eng.skinnovation.com/.
**Video published on YouTube by “SK이노베이션 [SK innovation]“.