SK Innovations looks to sell SK Lubricants
South Korea’s SK Innovation has hired Citigroup Global Markets Inc to explore the possibility of selling its subsidiary, SK Lubricants.
Owner of the country’s biggest oil refiner SK Energy and electric vehicle (EV) battery maker, SK Innovation said it’s in the early stages of reviewing the process.
A spokesperson said; “We are currently reviewing various strategic options to secure financial health and finance our new businesses, but we have not yet decided whether to sell SK Lubricants, or how much of a stake we will sell.”
Wholly owned by SK Innovation, SK Lubricants produces base oil and finished lubricant products. It could be valued between £3 trillion won ($2.53 billion) and £4 trillion won, reported Korea Economic Daily.
In July, SK Innovation reported a Q2 operating loss of £440 billion won ($367 million), taking its first half losses to £2.2. trillion won. Last year, it posted an operating profit of £494 billion won in Q2.