SK Energy has announced plans to strengthen its internal controls related to fair trade following the recent release of an investigation by the Fair Trade Commission.
On October 8, SK Energy outlined measures to enhance transparency in oil market pricing, improve trading practices, strengthen fair trade and internal control systems, and promote cooperation with oil distribution customers.
"We sincerely apologize for causing concern among the public regarding the recent findings of the Fair Trade Commission's investigation," SK Energy stated.
The company added, "We take this matter very seriously and will transparently clarify the facts and our position during the Fair Trade Commission's review process."
SK Energy also indicated that it would closely examine the entire process of pricing and trading oil products to implement systematic improvements and strengthen internal controls to enhance market trust.
To eliminate fair trade risks, SK Energy plans to enhance employee training and internal control systems. Customized training will be expanded for employees involved in pricing and sales, with a commitment to provide at least two hours of fair trade training annually per employee. The company will also continuously monitor whether relevant information is properly managed during the pricing process. Additionally, it will strengthen pre-approval and post-reporting systems for business contacts with competitors and apply stricter internal standards to actions that pose fair trade risks, such as the exchange of pricing and sales information.
Furthermore, SK Energy plans to enhance its compliance monitoring functions and establish a system for regular checks, including annual self-investigations and external validations, to ensure that necessary improvements are implemented swiftly.
The company will also closely review existing trading practices, including exclusive purchasing contracts. It will cooperate sincerely with investigations by relevant authorities and continue to improve related systems to enhance the choice and predictability for distribution customers, such as gas stations, and to establish fair and transparent trading relationships.
As a major player in the domestic energy supply sector, SK Energy is committed to ensuring stable oil product supply and supply chain stability. In response to the rapidly changing international energy environment and supply chain uncertainties, the company will continue to diversify its crude oil import sources and invest in necessary facilities to ensure stable energy supply even in national crisis situations.
Earlier in June, SK Energy announced a new pricing policy that eliminates post-settlement methods and establishes weekly supply prices in advance, becoming the first in the industry to do so. The company is currently preparing to implement this policy, including building the necessary systems. Moving forward, SK Energy plans to actively identify and address additional areas for improvement in the oil product distribution structure and trading practices.
Kim Jong-hwa, CEO of SK Energy, stated, "As a leading domestic oil company, it is crucial to meet societal expectations for transparency in pricing and trading, fair competition, and compliance management, especially in the wake of the U.S.-Iran conflict. Through the measures we have established for restructuring the oil market pricing system and strengthening internal controls, we aim to achieve tangible changes and improvements that the market and our customers can feel."
* This article has been translated by AI.
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