SK Group's Two Subsidiaries to Merge in November, Creating a Giant Energy Enterprise

TapTechNews August 27th news, according to Yonhap News Agency, two subsidiaries of South Korea's SK Group, SK Innovation and SK E&S, will officially merge in November.

At that time, a super-large energy enterprise with an annual sales of 88 trillion Korean won (TapTechNews note: currently about 472.208 billion Chinese yuan) and total assets of 100 trillion Korean won (currently about 536.6 billion Chinese yuan) will be born.

On the morning of the 27th, SK Innovation held an extraordinary general meeting of shareholders at SK Seorin Building in Jongno-gu, Seoul, and passed the merger case with the approval of 85.75% of the attending shareholders. SK E&S also held a general meeting of shareholders on the same day and approved the merger case of the two companies.

TapTechNews learned from public information that the main businesses of SK Innovation cover the chemical and energy fields. Its subsidiary SKon is responsible for producing electric vehicle batteries, and SKietechnique produces the core material LIBs (Lithium-ion battery separator) of lithium-ion batteries, and other subsidiaries are responsible for petroleum, chemicals, lubricants and their related trading, logistics, marketing and other businesses.

SK E&S' main businesses cover renewable energy, hydrogen energy, liquefied natural gas, and providing energy solutions, etc.