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Since it was built as the nation's third oil refinery in 1969, the company has been the cornerstone of the local and national economic development. It was newly spun off into a subsidiary of SK innovation in July, 2013. Located in the city of Incheon, the nation's third largest city, and a gateway to the nation, SK incheon petrochem plays an important role to supply energy to the nation's capital and its surrounding metropolitan area, including jet fuel to Gimpo and Incheon international airports. It also boasts its geographical advantage as a gateway to China and Northeast Asian markets.