SK Energy to Spin Off Tank Terminal Business, Launching Logistics Specialist Company
11.15.2023 By Tank Terminals - NEWS

November 15, 2023 [Business Korea]- SK energy, a refining subsidiary of SK innovation, announced on Nov. 10 that its board of directors had decided to establish a new corporation, tentatively named “SK Tank Terminal,” through the corporate division of its crude oil operation and marine shipping organization.

 

The new entity, a wholly owned subsidiary of SK innovation, is set to officially launch on Jan. 1, 2024, following an extraordinary general meeting of shareholders scheduled for Nov. 27.

The establishment of this new corporation is driven by the desire to leverage expertise for independent decision-making, thereby securing operational competitiveness and new business opportunities. In the long term, the plan is to respond effectively to the rising demand for low-carbon products and strengthen competitiveness in this arena.

The crude oil operation and marine shipping organization, responsible for storing and dispatching crude oil and petrochemical products, owns storage tanks within the SK Ulsan CLX and dock facilities where ships can berth. SK Tank Terminal plans to expand its business by offering storage facilities such as tanks to external customers, enhancing profitability, and handling the storage and dispatch of low-carbon materials and products, including Sustainable Aviation Fuel (SAF).

An SK energy representative stated, “We have built up professional operational capabilities and competitiveness over the past 60 years of managing tank terminals. As an independent corporation, we aim to set up a structure that allows for sustainable growth through swift, expertise-based decision-making.”

 

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