SK Innovation Co., South Korea’s largest energy company, is set to become the industry leader in Asia through a merger with an affiliate while improving its financial structure mired by support to its sluggish battery unit amid the sustained weakness in the global electric vehicle demand.SK On Co., the loss-making world’s No.5 secondary battery maker and SK Innovation’s subsidiary, is also poised to merge with the parent’s oil and petroleum trading unit and tank terminal unit to muscle up amid the weak EV industry.
ASIA’S TOP ENERGY COMPANYThe combined entity is expected to become the largest private energy company with an asset of 100 trillion won ($72.4 billion) and sales of 90 trillion won in Asia, SK Group, South Korea’s second-largest conglomerate said.“We will grow into a total energy and solution company leading the Korean energy industry,” said SK Innovation CEO Park Sang-kyu.
SK Innovation, the parent of the country’s top oil refiner SK Energy Co., and SK E&S Co.its liquefied natural gas (LNG) affiliate, on Wednesday decided to merge at their board meetings to create a comprehensive energy company.
The story "SK Innovation to be Asia’s top energy company by merger" has 611 words across 24 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "SK Innovation to be Asia’s top energy company by merger" was covered 3 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 17 news stories per day.
It's most recent story was published 29 minutes ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.