Rendering of the SK Shihwa Industrial Gas Station Complex Energy Platform (Image provided by SK Innovation)
SEOUL, July 14 (Korea Bizwire) — SK Innovation has scrapped its ambitious plan to transform traditional gas stations into eco-friendly energy hubs, signaling a broader shift in the SK Group’s strategic priorities.
According to industry sources on July 13, SK Energy, a subsidiary of SK Innovation, officially notified the Korea Industrial Complex Corporation of its decision to cancel the redevelopment of its flagship site — the SK Shihwa Industrial Gas Station in Siheung, Gyeonggi Province.
The project was part of the “SK Green Complex Station” initiative, a collaboration with SK REITs, the group’s real estate investment arm.
Launched in 2023, the initiative aimed to increase the asset value of SK’s fueling stations by integrating multi-functional energy services, including electric vehicle charging, hydrogen fuel cells, car washes, and urban logistics facilities.
The Siheung station, located within the Shihwa National Industrial Complex, was selected as the first testbed, with a proposed investment of around 10 billion won ($7.2 million) to build a three-story indoor facility.
Despite securing preliminary permits in late 2023, construction was repeatedly delayed and ultimately canceled in December. The decision aligns with SK Group’s ongoing portfolio rebalancing, which has seen the company divest from non-core businesses to refocus on high-growth sectors.
SK Innovation has been actively restructuring its energy operations, most notably through its merger with SK E&S and its withdrawal of a planned IPO for its lubricant arm, SK Enmove. The company is also working to monetize its stake in the Boryeong LNG Terminal, a key asset under SK E&S.
An SK Innovation spokesperson said the company will continue operational improvement (O/I) efforts across its energy value chain while seeking to enhance the competitiveness of its marketing operations in the fuel retail segment.
Ashley Song (ashley@koreabizwire.com)
