SK Group starts financing its new growth engines

SK Group will start financing new growth engines after the company successfully conducts a large-scale organizational restructuring and personnel reshuffle. SK Group is going to focus on new growth engines such as medium- and large-size lithium-ion batteries and membranes next year. ‘SK Innovation,’ the owner of SK Institute of Technology, will be at the center of the effort. Funds will be made through listing SK Lubricants or finding strategic partners via exchanging subsidiary stakes, an official from the group said. SK Innovation is a new name for SK Energy and it has become a small holding company that holds a 100% stake in the group’s new oil and chemical unit and also in SK Lubricants. The group also appointed new heads for its refinery and petrochemicals units to be separated from SK Energy next year. Park Bong-gyun, SK Lubricants CEO, will head a new refiner to be named as SK Energy. Cha Hwayoup, petrochemical business chief of current SK Energy, will head the new petrochemicals affiliate.Choi Kwoan-ho, head of SK Energy Incheon CLX, was named to lead SK Lubricants. (December 27, 2010)