Recognition of A Great Achievement
GS Caltex wins $20 bln Export Tower for its huge sales of diesel and aviation fuel
GS Caltex began its operations in 1967 as the first oil refinery in Korea and has been supplying 30 percent of Korea's oil needs for over 40 years now, aiding the growth of the national economy. The private oil refinery can refine 760,000 barrels of oil per day and provides fuel services at 3,400 gas stations and 300 recharging outlets, and has been exporting about 60 percent of its refined oil products overseas annually.
The oil refinery has a heavy oil cracking facility with a capacity of 215,000 barrels per day (bpd) and a 416,000 bpd de-sulfurization facility actively coping with changes in the global oil market trends.
Since the end of 2010, the oil refiner has put online its third heavy oil cracking facility (VRHCR) to produce light oils including diesel, the first oil refiner to do so in Asia and the seventh in the world. It is building its fourth heavy oil cracking facility (VGO FCC) for completion in 2013, which would bring the rate of heavy oil cracking to 35 percent of its entire oil output, turning most of its oil production to light oil products.
The heavy oil cracking facilities will also allow the oil refinery to produce oil with super low sulfur content including alkylate, among others, for export, helping the oil refiner operate in such countries as India and China as an integrated energy service leader with the highest profit margin per barrel through the operation of its resources exploration and new and recycled energy projects.
In the area of petrochemicals, the oil refiner has been operating a plant to produce 500,000 tons of petrochemical products, including paraxylene, and now the company has the capacity to produce 2.8 million tons of aromatic products and 180,000 tons of polymers annually.
As the top producer of lube oil in Korea, the oil refiner is equipped with complete facilities to produce the base oil for lube oils and has been exporting lube oils all around the world including China, Russia, India and countries in the Middle East. The company's extensive marketing activities should be able to expand its lube oil exports in the near future. The vision of the joint-venture oil refinery between GS Group and Chevron of the United States is to create a better world, by providing your energy needs. The energy market is poised for significant changes due to diverse and complex variables such as changing demand, increased fluctuation in price, climate change, and globalization.
In addition, to satisfying diverse customer needs through tailored services, a company that provides energy has to adopt a broad and long-term perspective while taking into consideration the future of the global environment and society, in order to deliver the optimal combination of energy and to fulfill its mission.
Building on its competitive edge derived through the efficient use of traditional energy sources such as oil and petrochemicals that enabled the rise of modern civilization, GS Caltex will explore new energy to spearhead a green future and foster new growth drives to become the unparalleled leader in the Asia-Pacific region.
Values upheld by GS Caltex are crucial to realizing the corporate vision. The core values driving GS Caltex are customer satisfaction, employee development, maximizing shareholder value, and contributing to the advancement of society.
Moreover, GS Caltex employees are driven by the organizational values of trust (mutual confidence and respect), flexibility (an open mind and the conduct to pursue diversity), challenge (setting and striving for ambitious goals), and excellence (aspiring to be the best).
Another facet to achieving the GS Caltex vision is innovation. An organization must constantly innovate in order to survive in a fast changing business environment. In 1999, GS Caltex was the first oil refiner in the world to introduce Six Sigma activities, which have since taken root as the company's actions for change and innovation.
With the perseverance to resolve problems and the creativity to transcend barriers, GS Caltex continues to seek innovation, the company's website said. nw
Chairman Hur Dong-soo of GS Caltex,right, shakes hands with President Lee Myung-bak after receiving the $20 billion Export Tower award at the 48th Trade Day ceremony on Dec. 12 at Coex, Seoul.
Photo on courtesy of KITA