SK expanding overseas with innovation

SK Innovation changed its name from SK Energy last year intending to move forward with innovation, change and future growth. The company also announced more robust management over its subsidiaries: SK Lubricants, SK Energy and SK Global Chemical. SK Innovation achieved remarkable growth last year, recording accumulated sales of KRW51.4 trillion (US$46 billion) and operating profit of KRW2.5 trillion (US$2.2 billion) during the first three quarters of 2011, which exceeded the entire sales and operating profit of the previous year. The good results were due in part to the company’s speedy decision-making process tailored to each market in the face of rapidly changing demands, and the willingness to be flexible when the need arose. The success was repeated in penetrating emerging markets like Vietnam.
SK Lubricants, a lubricant and base oil specialized company of SK Innovation, has advanced into Russia a decade ago, where its main product, ZIC, ranks fourth in imported lubricants. SK Lubricants products have established a strong market in Russia because of their high quality. SK Lubricants is well on its way to becoming among the top three imported lubricant producers in the northern Eurasian country. (August 30, 2012)