One of South Korea's largest conglomerates, SK Group is composed of 95 subsidiary and affiliate companies, having changed its name from Sunkyoung Group in 1997.

Most of its businesses involve chemical, petroleum and energy industries, although it also provides services in others ranging from construction to marketing, and owns the nation's largest wireless mobile phone service provider, SK Telecom.

The company, which also sponsored last year's Asian Games in Incheon, will become a Tier One Partner for the “semiconductors and oil” categories.

This will enable them to exercise various marketing rights within the host nation, including use of the “Official Partner” designation and use of the Games Emblem in promotional activities as well as showcasing rights in the Olympic site.

“It is our pleasure to contribute to the Olympic Winter Games Pyeongchang 2018, which will be a significant national event as well as a global festival where everyone from around the world can participate and enjoy," said Young-tae Kim, President of SK Group’s SUPEX Council Communication Committee.

 "We will provide our full support to help make Pyeongchang 2018 successful.”

As well as Incheon 2014, SK Group have provided wide-ranging support for other sporting events, having helped develop a 5,000 seater handball stadium in Seoul's Olympic Park in 2011 while also sponsoring this year's Summer Universiade in Gwangju.

A shortage of domestic sponsors had been identified as a major problem for Pyeongchang 2018 by the International Olympic Committee (IOC) earlier this year.

In recent months, there has been an improvement, however, with deals having been signed with three of the country's biggest companies in Hyundai, Samsung Group and Korean Air.

Other local sponsors are law firm BKL, telecommunications provider KT, Youngone Outdoor's North Face brand, Pagoda Education Group and Samil PricewaterhouseCoopers, and it is hoped more will be unveiled soon.

“SK group has been actively supporting sports development in Korea," said President Cho, who replaced Kim Jin-sun as Organising Committee President in July 2014.

"We deeply appreciate SK Group’s decision to join the sponsorship programme and we are confident that the continued support from the Korean business community will help us deliver successful Olympic and Paralympic Winter Games.”

Related stories
September 2015: Liam Morgan: Jury still out on Pyeongchang 2018 but progress shouldn't be underestimated
September 2015: Lindberg "totally convinced" venues will be delivered on time for Pyeongchang 2018 test events
September 2015: Pyeongchang 2018 urged to increase speed of progress by IOC Coordination Commission
September 2015: Pyeongchang 2018 hold groundbreaking ceremony at Olympic and Paralympic Village
September 2015: Pyeongchang 2018 set for fifth IOC Coordination Commission visit