SK Innovation launches two energy-related affiliates

SK Innovation said yesterday it launched two subsidiaries - SK Incheon Petrochem and SK Trading International - to boost its competiveness in the global energy business.

The addition of two companies will make SK Innovation the holding company of five affiliates, which also include SK Energy, SK Global Chemical and SK Lubricants.

SK Innovation announced last May it would spin off its Incheon refinery complex and oil trading division into two separate entities.

SK Incheon Petrochem is currently working to expand its facility for producing higher value-added petrochemicals by the third quarter of next year after injecting 1.6 trillion won ($1.4 billion) to tap the global market.

SK Trading International said it plans to grow as a global petrochemical trading company after cooperating with SK Energy, the nation’s largest oil refiner.