SK Energy announced on the 8th that it has established measures for "reforming the petroleum market price structure and strengthening internal controls."
The measures include improving the transparency of the petroleum market pricing system and trading practices, strengthening fair trade and internal control systems, enhancing mutual cooperation with petroleum distribution customers, and continuing its role in ensuring stable energy supply.
Previously, SK Energy announced a new pricing policy in June, becoming the first in the industry to pre-determine and notify weekly supply prices and abolish the post-settlement method. It is currently preparing for implementation, including building related systems. The company plans to continue listening to the voices of the market and customers, actively identifying and supplementing areas requiring further improvement across the entire petroleum product distribution structure and trading practices.
SK Energy will also strengthen employee training and internal control systems to fundamentally block fair trade risks. Centered on employees in related fields such as pricing and sales, it plans to expand customized training, regularize fair trade education of at least two hours per person annually, and continuously monitor whether relevant information is appropriately managed during the price determination process. It will also strengthen pre-approval, post-reporting, and monitoring systems for business contacts with competitors, applying stricter internal standards to actions posing fair trade risks, such as exchanging pricing and sales information.
Additionally, SK Energy plans to strengthen existing compliance monitoring functions and build a system that allows necessary improvement measures to be implemented swiftly through regular inspections, including annual self-investigations and external verifications regarding fair trade and overall internal controls.
It will also review existing trading practices in general, including full-quantity purchase contracts. The company will sincerely cooperate with the investigation by the relevant institutional investor and future related discussions, and plans to continuously supplement related systems to enhance the choice and predictability of distribution customers such as gas stations and establish fair and transparent trading relationships.
As a major company responsible for domestic energy supply, SK Energy is committed to doing its utmost in its core role of ensuring stable petroleum product supply and supply chain stability. To respond to the rapidly changing international energy environment and supply chain uncertainties, it will continue to pursue diversification of crude oil import sources and necessary facility investments, and plans to fulfill its responsibility to ensure no disruption in stable energy supply even during national crises.
Kim Jong-hwa, CEO of SK Energy Lee Sa (President), said, "As a leading domestic refiner, it is most important not only to play the role of stably supplying major petroleum products domestically following the US-Iran war, but also to meet social expectations regarding price and transaction transparency, fair competition, and compliance management." He added, "Taking this 'reforming of the petroleum market price structure and strengthening of internal controls' as an opportunity, we will achieve changes and improvements that the market and customers can feel."
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