GS Caltex's Offensive Management

Strives to explore future growth engines

GS Caltex plans to make large-scale investments and diversify businesses to strengthen its competitive edge and secure future growth engines.
GS Caltex Chairman & CEO Hur Dong-soo said, "Even though business circumstances undergo rapid changes with such external and internal changes as crude price hikes and flagging domestic demand, GS Caltex will make large-scale investments and diversify businesses to secure its competitive edge."He made the remark during a ceremony marking the 39th anniversary of GS Caltex's founding. GS Caltex celebrates the 39th anniversary in May since its founding in 1967 in accordance with a deal on a joint venture with Caltex of the United States reached on December 7, 1966.
GS Caltex Chairman Hur said, "GS Caltex is striving to secure such future growth engines as the 2nd Heavy Oil Upgrade (HOU) Plant project, petroleum exploration and new/renewable energy development projects, and we have to purse operational excellence to back up this goal."
Even though business management uncertainties like the flagging domestic economy and crude price hikes mount, he said his executives and staff will be able to overcome the hardships by joining forces together.
Hur is initiating in the recent investment offensive. GS Calex will channel 1.5 trillion won to complete the ongoing second HOU Plant project by the end of next year. The company is accelerating its efforts to explore overseas petroleum fields and develop new and renewable energies.
The GS Caltex chairman indicated his strong desire to enter the Chinese market during a ceremony for launching a project to build a gas station in Qingdao, China last February.
GS Caltex Chairman Hur has made public three management guidelines designed to tackle the uncertainties of the business environment: epoch-making creation of values, enhancement of organizational capabilities and strengthened risk management.
Looking back on the performance of last year, Chairman Hur said in his New Year message that the oil refinery made many achievements as the new brand strategy was given a good reception from clients, with all businesses across the nation having adorned themselves with new corporate identity (CI) and retail identity (RI) signboards. He also commented that the refinery dedicated an alkylation plant and broke ground for the second HOU project as part of its efforts to realize the goal of making the refinery the "Value No. 1 Complex."In particular, GS Caltex has put more energy into making massive investments to upgrade refinery facilities, judging that the difference between heavy oil and light sweet oil prices would be maintained.
With regard to an epoch-making creation of values, Chairman Hur emphasizes a timely and successful construction of the projected second HOU plant with a capacity of 55,000 barrels per day and a perfect preparation for the third HOU plant project. The second hydrocracker project calls for investing 1.5 trillion won for completion by 2007.
GS Caltex has set its sights on continuing to make investments into such future growth engine industries as crude oil exploration projects with juicy profits, LNG and new energy sectors. nw

GS Caltex Chairman & CEO Hur Dong-soo

GS Caltex's Yeosu plant