SK Innovation: SK Energy Spins Off Oil Refining, Lubricants and Chemical Businesses

South Korea's top oil refiner SK Energy said on Monday it had spun off its oil refining, lubricants and chemical businesses, and renamed itself SK Innovation.

As part of its restructuring, SK Innovation, whose shares will be relisted on Jan. 17 instead of SK Energy, has set up three fully owned units - SK Energy for its crude oil refining business, SK Global Chemical for its chemical business and SK Lubricants for its lubricant oil business, the company said in a statement.

SK Innovation aims to achieve 120 trillion won ($106.5 billion) in combined group sales in 2020, or three fold of that estimated in 2010, while aiming 11 trillion won in operating profits, President and CEO Jay Koo said in a statement.

Last year's operating profit was not yet available.

"SK Innovation will seek new growth engines, focusing on development technology and resources, while its subsidiaries will grow along with SK Innovation, by beefing up each expertise and making business more flexible," another company statement said.

SK Energy last June said that it would focus on exploration and production of oil, and research and development of energy, spinning off its refining and petrochemical sectors to raise competitiveness.