CEO Unveils 'Financial Story'
SK E&S has unveiled its new vision to increase its corporate value to 35 trillion won, five times its current value, by 2025 and become the world's top hydrogen company.
SK E&S president Choo Hyung-wook held his first online press conference since taking office at Four Seasons Hotel in Seoul on Sept. 1. Choo unveiled his company's "Financial Story," which outlined its future growth roadmap. The event was held in line with the group's management strategy to induce trust and empathy from stakeholders by presenting growth stories that outline corporate financial performance goals, mid- to long-term visions and action plans.
"We will lead the global energy ecosystem in the future by establishing a differentiated green portfolio in four key business areas -- hydrogen, renewable energy, energy solutions and eco-friendly LNG," Choo said. The company also disclosed a vision to become a global eco-friendly energy powerhouse with sales of 35 trillion won by 2025.
SK E&S’ vision focuses on the liquid hydrogen business. It is planning to build the world's largest hydrogen liquefaction plant at SK Incheon Petrochemical Complex by 2023 and supply 30,000 tons of liquefied hydrogen and 250,000 tons of blue hydrogen annually by 2025. The company is also planning to install about 100 hydrogen charging stations nationwide by 2025 and advance into Asian markets, including China and Vietnam, in cooperation with U.S. Plug Power, which specializes in hydrogen.
"We will secure global competitiveness of our liquefied hydrogen business by utilizing production and distribution value chains that we have secured through the LNG business," a company official said.
SK E&S also issued a blueprint to become a global investment company in renewable energy by securing renewable energy production capacity of 7GW and 1.2 million tons of carbon emissions rights by 2025.
SK E&S is strengthening efforts to increase the eco-friendliness of the current LNG business. It is planning to develop Australia's Barossa-Caldita offshore gas field in an eco-friendly way and use 1.3 million tons of LNG produced there as a raw material for blue hydrogen production.
SK E&S set a financial goal of raising its sales and earnings before interest, tax, depreciation, and amortization (EBITDA) to 13 trillion won and 2.8 trillion won, respectively, in 2025 from 6 trillion won and 700 billion won in 2020.