SK Innovation, the nation’s top oil refiner, has reaffirmed its goals toward becoming a technology-driven global energy company by pledging 290 trillion won ($260 billion) in sales and 14 trillion won ($12 billion) in operating profits by 2020.

The company’s new growth vision was stressed by SK Group chairman Chey Tae-won in his congratulatory remarks to 2,700 employees and executives participating in a ceremony held in Daejeon on Friday. 

“SK Innovation, which started as the nation’s first oil refinery in the small fishing village of Ulsan, has grown in 50 years to become an energy giant with sales of 80 trillion won. It is a miracle and behind it is you and your predecessors’ contribution and effort,’’ said chairman Chey.

“With our technology, I am confident that we will be able to achieve the next-level growth vision by 2020,“ he said.

Chey also sealed a time capsule filled with “vision 2020“ documents and letters of hopes of employees in a move to share the company’s vision for growth with all employees.

SK Innovation, previously known as SK Energy, has taken steps to seek its new growth vision from early this year. In January, the company adopted SK Innovation as its new corporate name and streamlined its organizational structure, spinning off three companies to be responsible for each of the company’s current core businesses. Under SK Innovation, SK Energy is responsible for the crude oil refining business, while SK Global Chemical and SK Lubricants put their business focus on the chemical business and lubricant oil business, respectively.

SK Innovation puts its focus on new growth engines in the energy sector, while acting as the holding company of three business units.

“SK Innovation will continue to tap business opportunities in energy development and energy-related technology, along with the nation’s vision to become a global energy powerhouse,“ the company said in a statement.

By Seo Jee-yeon
(jyseo@heraldcorp.com)