Chagyutak, President of SK Lubricants, "Accelerating Global Business... Expecting Top-tier Products and Electric Vehicle Lubricants Market"

President Cha Gyutak Targets Global Market with 'Premium' and 'Eco-friendly' Keywords

[Asia Economy Reporter Yoonju Hwang] Cha Gyutak, President of SK Lubricants, stated that this year they will further strengthen their position in the global market by focusing on top-quality products and lubricants for electric vehicles.

In an interview with SK Innovation's news channel 'SKinno New,' President Cha said, "80% of the profits generated by SK Lubricants come from overseas."

SK Lubricants is a subsidiary of SK Innovation that produces premium base oils such as lubricants. The 'SK ZIC' produced by SK Lubricants is recognized as one of the top brands in the global market, exporting high-quality base oils to over 140 customers in more than 50 countries.

President Cha highlighted the key areas of focus for this year as ▲ accelerating 'deep change' through business model innovation ▲ strengthening execution capabilities in digital transformation (DT), social value, and pursuit of happiness.

He said, "First, we will select optimal business partners that are linked to our core competencies and can create synergy, and promote cooperation to accelerate deep change. To do this, we will innovate existing processes."

The decision-making process is the area President Cha is focusing on for innovation. This means re-examining the decision-making system based on data and performance to enable 'selection and concentration.'

He continued, "Second, we will strengthen the execution of DT, social value, and happiness pursuit tasks, which are challenges for all SK Innovation affiliates. We are expanding business influence to the final customer touchpoints using existing channels (such as dealerships) and are also testing new distribution possibilities through online distribution platforms."

From a DT perspective, SK Lubricants revamped the ZIC website to approach domestic customers more easily. Through this, they expect to expand business influence to the final customer touchpoints and, by changing distribution methods, achieve innovation in the distribution structure in the mid to long term.

When asked about plans to further strengthen their position in the global market, he said, "We will solidify our global leadership focusing on Group III-Plus products, which are higher quality than Group III. To ensure stable supply amid increasing demand, we are conducting very close cooperation from raw material supply to research and development and production."

There is rapidly growing demand for high-quality low-viscosity engine oils in the global market, and the outlook for premium base oils is bright, leading to greater market demand for premium (high-end) products. Accordingly, after his appointment, President Cha acquired shares in Mekong, Vietnam's largest private lubricant company.

President Cha explained the background of the partnership with Mekong, saying, "To accelerate global business, we have continuously pursued partnering centered on ASEAN, where market potential is high. Vietnam's lubricant market is expected to grow about twice in size over the next 10 years due to economic growth and income increases."

Additionally, regarding the new growth strategy 'Green Balance 2030,' President Cha announced the development of lubricants for electric vehicles and stated they will secure the market for eco-friendly engine oils. This is because market standards are changing, including stricter fuel efficiency regulations, institutional changes, and CO2 emission reduction becoming a key selection criterion.

President Cha said, "We are currently developing EVF (Electric Vehicle Fluid), a lubricant for electric vehicles, in collaboration with OEM companies. SK Lubricants products are already being supplied to OEMs leading the global electric vehicle industry."

This content was produced with the assistance of AI translation services.