SK Innovation and SK E&S on Wednesday passed a merger proposal. 

The two firms passed the proposal during meetings of their respective board of directors. 

The consolidation is set to pave the way for the birth of an “energy dinosaur” with an asset of 106 trillion won or some 77 billion dollars and whose annual sales will likely reach 90 trillion won by as early as mid-November. 

SK Group had been pursuing the merger as part of rebalancing its businesses. 

SK Innovation is an intermediate holding company of SK Group whose major projects involve petroleum, alternative energy and oil exploration while SK E&S is an unlisted energy firm centered on liquefied natural gas and renewable energy,