toktok newsletter will keep you up-to-date with the latest news on SK and member companies.
2021 SK E&S Media Day was hosted on September 1 to unveil the financial story containing the future growth plans of SK E&S. At the media day opening , SK E&S released its vision to emerge as the world’s No.1 hydrogen business operator by drawing upon its expertise in integrating the infrastructure and value chain of the conventional LNG business. The company vows to scale up its annual hydrogen production throughput to 280,000 tons including 30,000 tons of liquified hydrogen and 250,000 tons of blue hydrogen by 2025. With regard to renewable energy, SK E&S proposed a blueprint for rising as a global energy company specialized in renewable energy investments producing 7GW of renewable energy and possessing carbon credits worth 1.2 million tons of carbon emission by 2025. SK E&S also announced its commitment to emerge as a global top-tier energy solution supplier. Lastly, the company decided to drastically upgrade the eco-friendliness of the LNG business. SK E&S aspires to become a global major LNG supplier providing 6 million tons by 2023 and 10 million tons by 2025.
Meanwhile, SK Inc., SK Group’s value investment vehicle, vows to invest 18.5 trillion won in the group’s hydrogen ecosystem promotion programs jointly with SK E&S to build hydrogen supply capacity of 280,000 tons per year by ’25 and further integrate the hydrogen value chain in a bid to become the world’s biggest hydrogen business enterprise. SK Inc.’s hydrogen business promotion strategy can be summarized into: ▲fostering presence in the hydrogen market of Korea by leveraging the group’s infrastructure in building a mass hydrogen production infrastructure; ▲ensuring stability of business by integrating hydrogen value chain encompassing production, distribution, and delivery; and ▲ securing access to underpinning technologies and venturing into the global market by investing in and forging partnership with hydrogen tech-firms including PlugPower leading the global hydrogen market and Monolith of the United States that succeeded in building the world’s first turquoise hydrogen production system. By harnessing its long-standing prowess in energy business to facilitate the creation of eco-friendly hydrogen ecosystem, SK Inc. will continue with its endeavor to become a pioneer of ESG management not only in Korea but also elsewhere around the world.
Jazz Pharmaceuticals, SK Biopharmaceuticals’ partner, announced on August 31st that SUNOSI® (solriamfetol) was recently launched in Canada after obtaining marketing authorization from the Health Canada in May 2021. SUNOSI® is a treatment to improve wakefulness and reduce excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea in adult patients. After completing phase 1 trial, SK Biopharmaceuticals licensed out solriamfetol to Jazz Pharmaceuticals, the world’s No.1 in sleep disorder treatment. The U.S. Food and Drug Administration approved SUNOSI® in March 2019. The innovative drug was then launched in the U.S. in July in the same year. Jazz’s foray into Canada will further boost SUNOSI® in North America. The expanded global coverage of the drug is expected to increase royalties on sales for SK Biopharmaceuticals. The Korean company maintains rights in 12 Asian markets, including Korea, China and Japan.
SK geo centric hosted the Brand New Day on the 31st to unveil its specific financial story execution strategy and new corporate mission. SK global chemical rebranded itself as SK geo centric to signify its commitment to enabling full-scale transformation from Carbon to Green and focus on ‘the Earth. On Brand New Day, SK geo centric announced a plan to invest approximately 5 trillion won in Korea and abroad by 2025, securing access to plastic waste recycling capacity rated at 900,000 tons/year which is equal to SK geo centric’s domestic plastic production output and expanding its eco-friendly product lineup as the primary milestone in its drive to become the world’s biggest urban oil field company. Furthermore, the company vows to recycle 2.5 million tons of plastic waste/year, 100% of its worldwide plastic production volume by 2027. To that end, SK geo centric will secure access to next-generation recycling technologies; establish recycling clusters; develop 3R solutions; expand its eco-friendly material lineup and adopt eco-friendly raw materials in a bid to complete a plastic circulation economy from production of plastic to sorting and recycling of plastic waste.