SK Inno Receives Commemorative Monument as the First Resident Company in Ulsan Mipo National Industrial Complex

The First Step of Korea's First Oil Refinery... Towards Becoming the World's 2nd Largest Company

SK Innovation was recognized for its contribution to continuously supplying petrochemical products for over 60 years at Ulsan Mipo National Industrial Complex, Korea's first national industrial complex.

According to SK Innovation on the 25th, the Korea Industrial Complex Corporation dedicated a monument to SK Innovation, the first tenant company of Ulsan Mipo National Industrial Complex, to commemorate the 60th anniversary of the launch of industrial complexes in Korea. Lee Sang-hoon, Chairman of the Korea Industrial Complex Corporation, explained, "We dedicated a monument expressing our gratitude for SK Innovation's contributions and value as a pioneer of Korea's petrochemical industry."

Lee Chun-gil, SK Ulsan CLX General Manager (sixth from the left), and attendees are posing for a commemorative photo. (Photo by SK Innovation)

The monument unveiling ceremony was held on the 13th at SK Innovation's Ulsan Complex (SK Ulsan CLX), attended by about 50 people including Lee Chun-gil, Head of SK Ulsan CLX, Chairman Lee Sang-hoon, and executives and employees of SK Innovation affiliates. As a preliminary event, a session was also held to share the current status and achievements of the smart plant, which SK Innovation introduced for the first time in Korea.

Ulsan Mipo National Industrial Complex began as the Ulsan Industrial Center, Korea's first national industrial complex, launched in 1962 alongside the first 5-year economic development plan, marking the first step toward becoming an industrial capital. Korea Petroleum Corporation, the predecessor of SK Innovation, completed the country's first refinery on the site of the Ulsan Industrial Center. Subsequently, in 1972, the first domestic petrochemical plant, the naphtha cracking center (NCC), was put into operation, and in 1991, nine new plants including polyethylene (PE), polypropylene (PP) manufacturing facilities, and paraxylene (PX) manufacturing facilities were completed, achieving vertical integration from petroleum to textiles.

Starting as a refinery, SK Innovation now operates on a site of approximately 2.5 million pyeong?about three times the size of Yeouido?processing 840,000 barrels of crude oil per day, growing into the world's second-largest company in crude oil refining capacity (Capa) for a single petrochemical plant.

Furthermore, embodying the management philosophy of the late Choi Jong-hyun, former SK Chairman, that "corporate profits belong to society," SK Innovation invested 102 billion KRW over ten years from 1997 to 2006 to create Ulsan Grand Park, which was donated to Ulsan City, and promoted social contribution activities for regional coexistence such as the Rose Festival. Additionally, following the proposal of SK Group Chairman Chey Tae-won, the company has continuously held the Ulsan Forum for the third time, a platform to discuss the future of Ulsan, the company's birthplace, and social problem-solving. SK Innovation is also committed to laying the foundation for regional development through initiatives such as the introduction of Korea's first smart plant and developing solutions in collaboration with AI companies.