SK Innovation vice chairman Chung Chul-khil set forth “structural reform” as the company’s key business goal for 2016 during a high-level gathering of the company and its five affiliates in Seoul on Thursday.

“To actualize our goal to reach a market valuation of more than 30 trillion won ($25.3 billion) and become a global leader in the energy and chemicals sector, SK Innovation cannot settle for an operational profit of 1 to 2 trillion won,” Chung said.

“We must develop into a company able to post continued earnings of between 3 to 5 trillion won. To achieve this, a major reform of our business structure is highly essential.”

The SK executive made the remarks during a workshop that brought together the CEOs and other high officials from SK Innovation, the holding company of SK Group’s energy businesses, and its five affiliates.

Chung’s words also come as analysts forecast SK Innovation to have successfully swung to recovery, retaining high profitability in 2015 thanks to improved profit models and market conditions.

The vice chairman also stressed the importance of improving not only the company’s profitmaking model but also transforming its overall business structure, corporate culture, business processes, technologies and personnel management.

After spending 2015 examining a number of options -- global partnerships and potential mergers and acquisitions -- to boost its oil, chemicals, lubricants, petrochemicals research and electronics material business, SK Innovation said it is looking to implement the plans this year.

“Despite difficult market conditions and uncertainties that cloud the New Year, SK Innovation will work for another successful year in 2016 through new approaches,” said a SK Innovation spokesperson.

By Sohn Ji-young (jys@heraldcorp.com)