SK Innovation, the holding firm for SK Group’s oil refining and petrochemical businesses, has seen success in converting to a technology-driven global energy firm.

SK Innovation was born following SK Group’s decision to spin off its petrochemical business in January 2011.

Fast decision-making and nurturing of new growth engines in its petrochemical projects were expected to come to life under the new name.

Formerly named SK Energy, SK Innovation was given three subsidiaries: SK Energy, SK Global Chemical and SK Lubricants.

Since the launch of the newly named petrochemical holdings company, it has been on a winning streak with its total export figure reaching 41 trillion won ($38.7 billion) and the portion of exports taking up about 73 percent of total sales, both by the third quarter of last year.

Its subsidiary SK Energy also reported earlier last year that its accumulated export volume topped 30 trillion won as of last September.

As a result, petrochemical goods came in first place among all export products for the first time ever, exceeding the sales of items like automobiles and electronics as well as vessels.

SK Energy, which sells over half of its petrochemical products in overseas markets, was the first in the industry to seal a deal to offer gasoline in California, a U.S. state with tough environment standards, in 2008.

It is also exporting its technology abroad by taking charge of the operation and maintenance of state-backed Petro Vietnam since 2010. The firm has dispatched about 100 employees that have related expertise of more than 10 years.

That is not the end of it. SK Energy has relocated its key trading base to Singapore, which is Asia’s oil hub, in a bid to strengthen its product portfolio and fast adapt to the industry’s global environment.

SK Innovation’s other subsidiaries SK Global Chemical and SK Lubricants also proved that the spin-off was successful by showing solid figures.

SK Global Chemical broke the 10 trillion won mark in exports for the first time in history in 2011 with it also surpassing 7 trillion won in exports by the third quarter of last year.

It has practiced efficient global joint ventures by cooperating with Japan’s largest refiner JX Nippon Oil & Energy and Singapore’s Jurong Aromatics Corp.

Its fields of business include Olefins, Aromatics, Performance Chemicals and Polymer.

SK Lubricants is also taking part in the globalization effort as it posted 2 trillion won in total exports in 2011 despite the sluggish global economy.

While concentrating on overseas markets like China and Russia, it will also target the European market once the construction of its base oil plant in Spain is completed.

Also a part of its global drive, SK Innovation announced this week the launching of a joint venture named E-Motion together with German car component and tire manufacturer Continental in Berlin to cooperate closely in its battery business for electric cars.

By Cho Ji-hyun (sharon@heraldcorp.com)