In Recognition of Remarkable Overseas Resources Exploration
KEPCO's overseas business division head honored with the Order of Industrial Merit, Tin Tower
Chang Joo-ok, chief of KEPCO's overseas business division, was bestowed the Order of Industrial Merit, Tin Tower, for his contribution to overseas resources exploration.
Chang has been credited for his contribution to overseas bituminous coal and uranium exploration by capitalizing on experiences and expertise he accumulated in the fuel and resources development field for about 20 years. Taking advantage of his wide network in Korea and abroad, Chang was praised for raising the nation's bituminous coal and uranium own development rates to 34 percent and 24 percent, respectively, thus contributing to stabilizing a supply of fuels, which account for 70 percent of the nation's total electricity production.
First, he was praised for establishing a foothold in Indonesia in order to raise the nation's bituminous coal own development rate. In July 2009, KEPCO acquired a 1.5 percent stake in Adaro Energy, Indonesia's fifth biggest coal exporter, and the right to secure an annual supply of 3 million tons of coal. KEPCO saw its coal own development rate rising from 3 percent in 2007 to 12 percent in 2009. Judging that the period prior to the recovery of economies in the post-1998 Asian financial crisis was optimum for M&As for resources development companies, he implemented joint ventures on resources exploration through his network of influential resources industry figures.
In July 2010, KEPCO's acquisition of a stake in Bylong Australia Pty. Ltd. and another mine as well as Bayan Resources in Indonesia let the Korean utility company raise its own bituminous coal own development rate to 34 percent, a nearly three-fold jump from 12 percent one year earlier.
A consortium comprising of KEPCO, Korean steelmaker POSCO and Australia's Cockatoo Coal Ltd. participated in a bid to acquire the five mines put up for sale by Australia's Anglo American, which ranked third in the ranking of global bituminous coal exporters. In collaboration with Cockatoo, KEPCO succeeded in acquiring a 100 percent stake in the Bylong mine with 420 million tons of coal reserves. The deal allows KEPCO to secure 7.5 million tons of coal yearly for 30 years from 2016 as well as to have a greater say in setting prices in the global coal market. nw
Chang Joo-ok, chief of KEPCO's overseas business division
Photo by NewsWorld
Chang Joo-ok, chief of KEPCO's overseas business division, poses for a photo after receiving the Order of Industrial Merit, Tin Tower.
Photos on courtesy of KEPCO
Korea Electric Power Corp. (KEPCO) headquarters in southern Seoul.