SK Innovation Co., Ltd. is an intermediate holding company of SK Group engaged in petroleum, alternative energy, and oil exploration. It runs its business through six major subsidiaries, including SK Energy, SK Geo Centric,[2] SK On, SK Incheon Petrochem, SK IE Technology and SK Earthon.[1]
History
SK Energy was established in 2007 by splitting South Korea's top refiner SK Corporation into an energy operation and holding company. SK Energy handled the energy and chemical businesses, while SK Holdings was in charge of investing in subsidiaries and the life science sector.[3]
SK Innovation was created through a restructuring of SK Energy in 2011. The original SK Energy has renamed itself SK Innovation after spinning off its oil refining, lubricants, and chemical businesses. In the beginning, SK Innovation has set up three fully owned units, including SK Energy (a newly founded company operating crude oil refining business), SK Lubricants (now SK Enmove), and SK Global Chemical (now SK Geo Centric).