Dear SK Energy Members,

The year 2022 has arrived. This year is known as the year of the Black Tiger, which represents “strength and intrepidity.” With this incredible spirit, I wish you and your families a year full of peace and happiness.

In the midst of two years of the unprecedented global pandemic, we have approached the era of “with COVID.” We have progressed beyond simply responding to the virus-caused quandaries and are now in the process of developing new paradigms to surmount it in the long run. I would like to offer my heartfelt gratitude to every member of SK Energy who has devoted themselves in their respective roles to shape our company’s future.

The global pandemic is predicted to have a substantial impact on our management environment, while a fundamental challenge to the oil industry is expected to worsen in 2022.

We foresee a favorable oil price level in the short term as a result of the revival of oil demand. In the long term, however, as energy transition will be established as an irreversible call of the times in the ESG landscape, oil demand will eventually meet its growth limit.

In light of this, it is time for us to undertake a deep change in SK Energy through more ambitious and proactive business portfolio innovation.

As SK Energy’s Financial Story nears full implementation, this year will mark the first year of reaping substantial rewards from the “deep change journey” for which we have long been prepared. R&S CIC and P&M CIC, which were established last year for this purpose, will adapt to a rapidly changing, volatile energy and mobility paradigm while continuing to develop as both axes of our company’s green transformation.

With the establishment of a Net Zero road map and the conclusion of the “Financial Story,” R&S CIC has identified solutions to respond to the energy transition. They will be the foundation for future business portfolio innovation to reduce carbon energy and expand green energy.

Furthermore, Ulsan CLX, which declared the first year of “safety culture innovation” for achieving “zero severe accident,” would be outfitted with the safest and most competitive operating competitiveness based on distinct technology edges.

To be sure, P&M CIC will keep on strengthening the inherent competitiveness of the oil marketing business while reshaping the structure to enable sustainable growth through platform business this year. In particular, the S&P (Solution & Platform) business, which we have secured as the foundation for transitioning to an environmentally friendly energy solution & mobility platform provider, will position itself as our new growth engine with a fully-fledged financial story implementation.

Besides, as the first South Korean firm, SK Energy has developed a carbon reduction certification center in the face of more stringent ESG management. It enables us to set standards for measuring carbon reduction performance on our partner firms’ products and services, which is critical for pursuing group-wide Net Zero implementation and pursuing a plan to issue voluntary carbon credits, as the first in Korea, in the first half of this year. In addition, we will widen the range of oil products with the adaptation of the carbon neutrality concept, which was introduced in the latter part of last year as the first Asian enterprise, in order to completely undertake ESG management by transitioning into an environmentally friendly oil company.

Dear SK Energy Members

In 2022, SK Energy will celebrate its 60th anniversary.
SK Energy, the first South Korean oil company, was founded 60 years ago and has since taken the lead in energy and chemical business in and out of South Korea, playing a critical part in the country’s economic development while demonstrating its world-class competitiveness around the world.

Just as we have overcome numerous unpredictable hardships to reach this position, I am more than convinced that if all SK members who are facing the era of uncertainty, or new normal, set out to find ceaseless challenges and answers with a lofty aspiration and ironclad determination, we can make tomorrow different from today, and make accomplishment for a far brighter future.

In 2022, our company and all our members will again make a concerted effort to leap even higher for the sustainable growth of SK Energy!

I hope this year will bring you and your family happiness and all the best.
Thank you.