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Issue 16/2021 - SK Innovations splits battery and oil business

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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SK innovative split battery and

Oil business

Recently, South Korea's SK Innovation Co.
, Ltd.
announced that it has decided to spin off its battery and oil development (E&P) business unit into two separate corporations
.

It is reported that SK Innovation will formally establish a new legal person "SK Battery Co.
, Ltd.
" and "SK E&P Co.
, Ltd.
" (both tentative names)
on October 1 after the approval of the extraordinary general meeting of shareholders on September 16.
Among the two newly established subsidiaries, SK Battery Co.
, Ltd.
is mainly responsible for the production and sales
of medium and large power batteries, battery rental services (BaaS), intelligent energy storage systems (ESS) and other products and services.
SK E&P Co.
, Ltd
.
is responsible for oil development, production and exploration, carbon capture and storage.
SK Innovation itself will be responsible for the development of environmental protection securities portfolio as a holding company in the future, strengthening research and development, business development, corporate mergers and acquisitions, and exploring new environmental protection projects
.

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