Published 05th January, 2011
South Korea's SK Energy is to become SK Innovation and spin-off its key refining, lubricants and chemical operations.
The new organisation is targeting sales of W120trn ($106.5bn) by 2020, focusing on new areas of growth in technology and resources. This includes oil exploration and energy R&D.
The re-brand will also add three wholly-owend new subsidiary companies. The SK Energy name will continue as SK's crude oil refining brand, with SK Global Chemicals and SK Lubricants being created to handle the company's other key operations.