SK Energy Co., a unit of South Korean oil refiner and battery maker SK Innovation Co., is spinning off its crude oil storage and shipment business to launch an independent oil storage and logistics company.
SK Energy, Koreas largest oil refiner, said on Monday it approved the spin-off plan at a board meeting held last Friday.
The new entity, tentatively named SK Tank Terminal Co., will officially launch on Jan. 1 after approval at its extraordinary shareholders meeting later this month.
SK Tank Terminal will be wholly owned by SK Innovation.
The SK Energy business has been handling the storage and shipments of crude oil and petrochemical products within the company. It also oper…
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