SK E&S CEO unveils task force for SK innovation merger

[Courtesy of SK E&S Co.]

SK E&S Co.’s chief executive officer announced a new task force to enhance corporate value as the company continues on its path towards a merger with SK Innovation Co. The CEO also outlined a strategy to strengthen the liquefied natural gas (LNG) value chain in collaboration with SK innovation.

The announcement was made during an investor relation briefing for analysts from major South Korean and international securities firms that was hosted by SK innovation in Seoul on Wednesday.

SK E&S CEO Choo Hyung-wook said that the merger with SK innovation will capitalize on the rising demand in the energy sector. The surge in electricity demand driven by explosive growth in artificial intelligence (AI) and mobility innovations, alongside energy security concerns, are leading to high expectations for SK E&S’s key businesses such as hydrogen and power, according to the CEO. Choo added that SK E&S aims to bolster SK innovation’s strengths by focusing on its four core businesses: LNG, renewable energy, hydrogen, and energy solutions, through the taskforce.

Integrated energy supply solutions are specifically expected to become a growth engine for a merged entity. If the proposed merger is approved at the SK innovation shareholders’ meeting on August 27th, 2024, the combined entity will officially launch on November 1st.