SK Energy's board approves spin-off plan

SK Energy Co., South Korea’s top refiner, said that its board of directors has approved a plan to spin off its petroleum and chemical operations. The two units will be set up in January next year if the spin-off plan is approved by shareholders, the company said. Under the plan, SK Energy will have three wholly owned units, including SK Lubricants Co., which was set up in September last year. SK Energy is a newly formed entity of former SK Corp., which was reorganized into a holding company, SK Holdings, and an operating company, SK Energy, in July 2007. (October 1, 2010)