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SK innovation [The 50th Year Anniversary of SK Innovation] The Second Rise as a Global Total Energy Company Based on Technologies

10/17/2012

Chairman Chey`s Congratulatory Speech `Let`s Make a Global Company That Shares Happiness and Vision for the New 50 Years`

¡á Rising as a global total energy company based on technologies with KRW 290 trillion of Revenue and KRW 14 trillion of operating income by 2020
¡á Rising as a global green company leading the future from previously Korea`s representative energy company

Korea`s largest energy company SK Innovation celebrated its 50 years anniversary on November 13, 2012.

SK Innovation (CEO Koo Ja-young, www.skinnovation.com) held its 50th anniversary ceremony at Taejeon Global Technology on October 12, 2012. Chairman Chey Tae-won, CEO Koo Ja-young, and 2,700 executives and staff members attended the ceremony.

Chairman Chey delivered a congratulatory speech, `I appreciate seniors, executives and staff members who made an effort to achieve this miraculous growth with KRW 80 trillion of revenue. We will be able to achieve our new goal, KRW 290 trillion of revenue and KRW 14 trillion of operating income by 2020, basing on our excellent technologies that will lead company`s prosperous future. Through this, SK Innovation will disseminate SK Group`s vision and happiness.` After the speech, Chairman Chey and executives and staff members held a ceremony to seal the Time Capsule that was containing SK`s Vision 2020 and wishes and hopes of SK members.

During the ceremony, staff members held time to assemble `Happy Bicycle` to return supports of customers and the society. In accordance with Chairman Chey`s will to achieve 50 times bigger happiness than that of past 50 years and to share it with society, 500 Happy Bicycles that were assembled during the ceremony will be delivered to children who are the head of a house without parents. SK Innovation`s 50-year history is on the same track as the economic development history of Korea. When Korea was filled with strong will to achieve industrialization and economic independence in 1962, SK Innovation paved the way for Korea`s economic development by providing stable energy as the first Korean oil company.

In accordance with Korean government`s policy to privatize public enterprises in 1980, SK took over the management and 50% of stake of The Korea Oil Corporation, which became the current SK Innovation. In order to construct the vertical systemization from the oil to the textile in accordance with the will of the late Chairman Choi Jong Hyun, the company expanded its business territory from the oil business to chemical business and oil development business by increasing investments to all these businesses. Through this, SK Innovation was able to rise as a total energy company. Now SK Innovation is ranked fourth energy company in Asia-Pacific area that can refine 1,115,000 barrels per day, 40% of the total daily oil refinement of Korea.

Since the inauguration of Chairman Chey Tae-won in 1998, SK Innovation drastically grew through strong growth drive strategy and active investments to overseas resource development. Exports which were KRW 3 trillion in 1997 increased 16 times to KRW 47 trillion as of 2011 and they accounted for 70% of company`s total revenue, which represents that SK Innovation is one of the leading export companies in Korea. The company`s accumulated exports of the recent five years exceeded KRW 150 trillion for the second time among Korean companies after Samsung Electronics. In spite of sluggish exports resulted from global economic downturn, exports of oil products consistently grew to become the most exported products as of September 2012.

In addition, the company is leading the enhancement of Korea`s prestige through technology export. From Formosa Taiwan in 1998, the company is exporting technologies in regard with the operation and maintenance of the oil refinery to Kuwait, Iran, Ghana, and Vietnam. In accordance with the will of the late Chairman Choi Jong Hyun to achieve oil
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