South Korea
highlights of operations
Chevron operates in South Korea as a 50 percent shareholder in GS Caltex Corp., the country’s second-largest energy company.
GS Caltex operates one of the world’s largest refineries, in Yeosu, and has a large network of GS Caltex® service stations. GS Caltex is a registered trademark of GS Caltex Corporation.
In addition, Chevron is in the petrochemicals business through the operations of GS Caltex, Chevron Korea Inc. and Chevron Oronite Co.
Chevron Aviation supplies aviation fuel for commercial airlines and general aviation at major airports in South Korea.
Chevron Korea Inc. also has a gas supply and trading office in Seoul to provide commercial and operational support to our Upstream and Midstream units and liquefied natural gas (LNG) projects. This marketing office works with teams in Australia, Singapore, Japan, Canada and Houston, Texas, in the United States to expand our LNG business in South Korea.
In addition, Chevron contracts with South Korean shipyards and fabrication yards to safely and efficiently build high-quality infrastructure to develop energy resources around the world. Chevron has made significant investments in South Korea to design and contract oil and gas processing facilities as well as ships used to transport LNG, crude oil and petroleum products.
business portfolio
refining
Chevron has a 50 percent interest in our South Korean affiliate GS Caltex Corp. The GS Caltex refinery complex in Yeosu is the largest in the Chevron system and one of the largest in the world. The facility is capable of processing 800,000 barrels of crude oil per day.
Since 2004, GS Caltex has invested $4.6 billion in heavy oil upgrading facilities that convert fuel oil and other low-priced heavy oil into high-value products such as gasoline and diesel.
chemicals
GS Caltex is one of the world’s leading manufacturers of petrochemicals, especially aromatics.
GS Caltex’s petrochemical production capacity stands at:
- 2.8 million metric tons of aromatics, including benzene, toluene and xylene. These are base chemicals used to produce a range of products, including adhesives, plastics and textile fibers.
- 180,000 tons of polypropylene, which is used to make automotive and home appliance parts, food packaging, laboratory equipment, textiles, and more.
Our Chevron Oronite subsidiary supplies fuel and lubricant additives to South Korean companies.
marketing and retail
GS Caltex has maintained its strong position with South Korean motorists for 50 years.
The joint venture supplies about 2,500 service stations and 400 liquefied petroleum gas filling stations and has a 25 percent share of the nation’s fuel business.
in the community
Chevron, through GS Caltex, has an established tradition of partnering with the communities where we work. In South Korea, this includes:
- Helping underprivileged children use art therapy to relieve their psychological distress.
- Providing free meals for senior citizens.
- Providing English lessons taught by native speakers to elementary and middle school students in remote areas.
- Awarding scholarships to high school and college students.
- Supporting employees’ volunteer activities.
- Providing matching grants.
GS Caltex established the GS Caltex Foundation in 2006. Each year, GS Caltex makes an annual contribution to the foundation to fund initiatives that promote culture and the arts, social welfare initiatives, and education projects. GS Caltex’s $90 million culture and arts center in Yeosu – completed in 2012 – presents musical and other cultural events for the community.
record of achievement
Caltex began operating in South Korea in the late 1960s, just as the country was developing its economic strength. Recognizing South Korea’s growing demand for petroleum products, Caltex entered a joint venture in 1967. The partners formed the Honam Oil Refinery Co. Ltd., which built the nation’s second refinery in Yeosu, at the southern edge of the Korean Peninsula. GS Caltex is one of the largest and oldest joint ventures in South Korea between a foreign company and a Korean company.
In addition to refinery expansions, GS Caltex extended its presence into the South Korean petrochemicals business.
GS Caltex also began operating a network of service stations, which quickly gained a substantial share of Korea’s automotive gasoline business.
GS Caltex stands out for its high business standards and contributions to the country’s economy. Honors include the following:
- Order of Industrial Service Merit, Gold Tower (2014), from the government of the Republic of Korea
- Presidential Prize in the Mecenat Awards (2013) for building and operating the Yeulmaru culture and arts complex in Yeosu, from the Korea Mecenat Association
- First place in the Korean National Customer Satisfaction Index (2013) for service stations, from the Korea Productivity Center (fifth year in a row)
- $25 billion Export Tower Award (2012) for the company’s contribution to international trade, from the president of the Republic of Korea; the second Korean company and first Korean refiner to receive it
- First National Order of Culture Merit, Geumgwan (2012), from the Republic of Korea
- Recognition for Excellent Volunteerism (2011), from the minister of Health and Welfare
- Republic of Korea Master Brand Award (2010) for contributions to the national economy and competitiveness through development of powerful brands, presented by the prime minister
- First Prize in Working Innovation (2010) for innovative and effective workplace management, from the minister of Employment and Labor
- Ninth Republic of Korea Grand Prize for Safety (2010) for excellent workplace safety control and management, from the minister of Public Administration and Security
- Grand Prize in Safety Management (2009) for strong safety records and safety management, from the mayor of Yeosu
- Order of Industrial Service Merit, Silver Tower (2008), from the Republic of Korea
- Order of Industrial Service Merit, Gold Tower (2000), from the Republic of Korea
contact
33rd Floor, GS Tower
508 Nonhyeon-ro, Gangnam-gu
Seoul 135-985
Korea
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