News Briefing

toktok newsletter will keep you up-to-date with the latest news on SK and affiliates.

 

 

 

SK innovation joined global industrial alliances in a bid to double up its efforts to foster an ethical and sustainable ecosystem of the battery industry. The company announced that it had joined the ‘GBA (Global Battery Alliance)’ and the ‘RMI (Responsible Minerals Initiative)’ on January 28 and February 4 respectively. The GBA is an alliance forged last year at the World Economic Forum held in Davos, Switzerland by a range of stakeholders of the battery industry, and it is designed to bolster up economic values and seek solutions for environmental and social issues. SK innovation decided to join the alliance on the belief that the GBA’s ‘10 guiding principles for a sustainable value chain’ are consistent with SK’s battery business roadmap emphasizing an environment-friendly business portfolio as a growth driver. In addition, the company joined the RMI – an initiative that supports and monitors responsible sourcing of conflict minerals by proving its members with relevant information (e.g. the country or region of origin; miners and distributors). This makes it possible for SK innovation to purchase minerals from sources not tied to human rights abuse (i.e. child labor) or environmental destruction. Empowered by the two alliances, SK innovation, together with many global member countries, will lead the way in creating social value across the whole value chain of the battery business which is a key to its ‘green balance growth strategy.’

 

 

 

 

SK E&C’s ‘Silvertown Tunnel Project’ in the U.K. was named the ‘Europe Transport Deal of the Year’ by the leading financial magazine PFI (Project Finance International). This is the first public-private partnership (PPP) project promoted by a Korean builder in Western Europe, and the project will be building two one-way, two-lane road tunnels linking Silvertown and Greenwich under the River Thames in London. Last November, SK E&C formed a consortium with Cintra (Spain), Macquarie (Australia), Aberdeen Standard (UK), BAM (the Netherlands) and others to finance about 1 billion pounds (about 1.5 trillion won) through a project financing arrangement . SK E&C President & CEO Jae Hyun Ahn said, “It is an honor to receive the PFI award for a second consecutive year, following the Canakkale Bridge Project in Turkey,” and added, “As a global developer, SK E&C will explore opportunities across a wide range of global regions.”

 

 

 

SK lubricants signed an agreement to acquire 49% of stake in Mekong, Vietnam’s biggest non state-owned lubricant company. The deal is expected to pave the way for the company’s expansion into the ASEAN market, driven by portfolio innovation of stepping away from an export-centered growth model. As of 2018, Mekong accounts for 6.3% of the Vietnamese lubricant market, with seven lubricant-related affiliates operating two tank terminals, lubricant manufacturing plants and logistics centers, and 12 distribution-sales branches. Acquiring Mekong’s shares, SK lubricants will build a value chain covering production, storage, distribution, and sales across all parts of Vietnam. The company plans to expand its business with Mekong selling SK lubricants’ lubricant products and base oils exported by SK lubricants. Furthermore, SK lubricants plans to expand its business footprint beyond Vietnam to the whole ASEAN region by adding storage capacity, replacing old facilities, and strengthening the competitive edge of its sales network.

 

 

 

SK life science, a US subsidiary of SK biopharmaceuticals, announced on February 11, 2020 that the company won the BioNJ Innovator Award in New Jersey, United States, on February 6 (EST). The Innovator Award is granted to companies that operate in the State of New Jersey and have won an FDA approval for their new drugs. SK life science was presented with the award in recognition of its winning the FDA approval for the new drug Cenobamate (US brand name: XCOPRI®). Cenobamate is scheduled to be released in the US market sometime in the second quarter of this year. Jazz Pharmaceuticals, a partner of SK biopharmaceuticals, was also named as one of the Innovator Awards honorees. Jazz Pharmaceuticals received an FDA approval for Solriamfetol (US/European brand name: SUNOSI®) licensed by SK biopharmaceuticals after the completion of its clinical trial phase 1, and officially launched the drug in the United States in July, 2019. Also approved by the EMA (European Medicines Agency), the drug is set to be launched in several other countries. SK biopharmaceuticals owns the sales rights in 12 Asian countries including Korea, China and Japan.