SK Innovation-SK E&S merger creates Asia’s No. 1 energy supplier

Quick Summary:

SK Innovation, the parent of South Korea’s largest oil refiner SK Energy Co.and battery maker SK On Co., absorbed the country’s top city gas supplier to create Asia's largest energy company, excluding state-run utilities, with 105 trillion won ($76.3 billion) in assets as of the end of June.

SK Group on Friday launched the merged entity between SK Innovation Co.and liquefied natural gas supplier SK E&S Co., a key step in the energy-to-telecom conglomerate’s ongoing restructuring amid a slowdown in electric vehicle demand and rising geopolitical uncertainties.

By comparison, SK E&S earned 192.8 billion won in operating profit over the same period, down 34% on-year from 291.3 billion won.SK Inc., the investment and holding company of SK Group, owns 36.2% of SK Innovation and 90% of SK E&S.

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Article Details

Category: Economy

Markets: South Korea

Topics: Largest Innovation Energy Creates Innovation-sk Company Group Supplier Merger Billion Asia’s

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-01 @ 10:58:24 (4 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 282 words

Reading Time: 2 minutes read

Sentences: 16 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 23420626

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