South Korean energy conglomerate SK Innovation Company has agreed to sell a 40% stake in SK Lubricants Company to a local private equity fund, according to reports.

SK Innovation, which has a spread of energy businesses from oil refineries, petrol stations to electric vehicle battery manufacturing, is looking to increase its exposure to growth sectors, particularly EV batteries.

The company was ordered recently by the US International Trade Commission to pay KRW2trn (US$1.8bn) in compensation for technology infringements to its domestic EV battery rival LG Energy Solution.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Following the court hearing, SK Innovation said it would press ahead with plans to invest US$2.6bn to build a new factory in the US state of Georgia to supply EV batteries to Ford and Volkswagen.

SK Innovation said it had signed an agreement to sell the shares in SK Lubricants to IMM Credit Solution for KRW1.1trn (US$992m). The subsidiary generated sales of KRW3.4trn and an operating profit of KRW294bn in 2020.