Korea’s top oil refiner SK Innovation will inject up to 3 trillion won ($2.5 billion) into its petrochemical, petroleum development and battery business to expand the business growth, the company said Sunday.

“Although the business conditions of the new year are expected to be tough, (the company) needs to overcome it through unremitting systematic innovation. Let us cultivate a new growth drive through our confident and aggressive investment,” said SK Innovation CEO and President Kim Jun.

He stressed the importance of having global partnering and strengthening merger and acquisition moves. 

The company said it would expand its battery plants and battery membrane business.

Earlier last year, SK Innovation decided to expand battery plants in Seosan, South Chungcheong Province, and battery membrane facilities in JeungPyeong, North Chungcheong Province.

It also recently reorganized the company structure to accelerate the aggressive moves. In the case of SK Global Chemical, it launched a global marketing team in China to promote joint venture projects with other countries.

The oil refiner also vowed to recruit about 1,200 employees in the next five years, with some 220 new jobs planned to be offered this year.

“All these new moves are an attempt to speed up the innovation of corporate value that is driven by the global growth based on improved profits and financial health. (The company) will contribute to revitalizing the Korean economy,” said SK Innovation’s public relations head Lim Su-gil.

By Lee Hyun-jeong (rene@heraldcorp.com)