SK Innovation and SKE&S decide to merge (South Korea)

On the 27th, SK Innovation, a major oil former and chemical company, held an extraordinary shareholders' meeting to approve a merger with SKE&S, a liquefied natural gas (LNG) company. As a result, 85.
The merger proposal was approved with 75% of the votes in favor. The decision to merge was made to stay ahead of the uncertain domestic and international market conditions and ensure solid growth in the energy business.
If this happens, it will create the largest energy company in the Asia-Pacific region, with assets of 100 trillion won (US$100 billion) and sales of 88 trillion won (US$90 billion).
In particular, the combination of SK Innovation's oil and battery businesses with SKE&S's LNG and renewable energy businesses is expected to strengthen the company's competitiveness.
Furthermore, through the merger with SKE&S, which generates stable revenue from LNG and electricity, SK Innovation will be able to stabilize its revenue.
Profitability will also increase significantly, which will lead to improved financial soundness.
SK Innovation's EBITDA is estimated to reach 2.2 trillion won (US$2.3 billion). Park Sang-kyu, president of SK Innovation, said, "We are looking forward to long-term stability and success."
"I will do everything in my power to ensure that this merger, which will serve as the foundation for our long-term future, proceeds smoothly."