MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GS CALTEX CORPORATION |
|
|
|
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Registered Office : |
GS Gangnam Tower, 679, Yeoksam 1-dong, Gangnam-gu, Seoul 135-985 |
|
|
|
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Country : |
Korea |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
|
|
Date of Incorporation : |
05.19.1967 |
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|
|
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Com. Reg. No.: |
116-81-19123 |
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|
|
|
Legal Form : |
Company Limited by Shares |
|
|
|
|
Line of Business : |
Producer of Petroleum Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exists |
Basic
|
Company
Name |
GS CALTEX CORPORATION |
|
Registered Address |
679, Yeoksam 1-dong, Gangnam-gu, SEOUL,
KOREA |
|
Building |
GS Gangnam Tower |
|
Zip Code |
135-985 |
|
Tel |
+82-2-2005-1114 |
|
Fax |
+82-2-2005-6051 |
|
E-mail |
kimsj@gscaltex.co.kr |
|
Website |
www.gscaltex.co.kr |
|
Trading Address |
GS Gangnam Tower, 679, Yeoksam 1-dong,
Gangnam-gu, SEOUL, KOREA |
|
Tel |
+82-2-2005-1114 |
|
Fax |
+82-2-2005-6051 |
|
Refinery and Petrochemical Complex /Yeosu
Factory |
1056 Wollae-dong, Yeosu-si, Jeonnam-do
550-600 Korea |
|
Tel |
+82-61-680-2114 |
|
Fax |
+82-61-686-3333 |
|
Factory |
382-2 Wonchang-dong, Seo-gu, Incheon
404-210 Korea |
|
Tel |
+82-32-577-9212 ~ 3 |
|
Fax |
+82-32-577-9215 |
|
Value Creation Center |
104-4 Munji-dong, Yuseong-gu, Daejeon
305-380 Korea |
|
Tel |
+82-42-866-1616 |
|
Fax |
+82-42-863-6104 |
|
Customer Service Center |
20th Fl.Kukje Electronics Center, 1445-3,
Seocho-dong, Seocho-gu, Seoul 137-728 Korea |
|
Tel |
+82-2-1588-5172 |
|
Fax |
+82-2-3465-5088 |
|
Gwangju Oil Reservoir |
502 Hanam-dong, Gwangsan-gu, Gwangju 506-250
Korea |
|
Tel |
+82-62-952-5863 |
|
Gunsan Oil Reservoir |
11-13 Soryong-dong, Gunsan-si, Jeonbuk-do
573-879 |
|
Tel |
+82-63-467-3600 |
|
Daegu Oil Reservoir |
450 Namha-ri, Hayang-eup, Gyeongsan-si,
Gyeongbuk-do 712-906 Korea |
|
Tel |
+82-53-353-2271 |
|
Daejeon Oil Reservoir |
547-28 Gasuwon-dong, Seo-gu, Daejeon
302-801 Korea |
|
Tel |
+82-42-542-0316 |
|
Donghae Oil Reservoir |
227 Guho-dong, Donghae-si, Gangwon-do
240-230 Korea |
|
Tel |
+82-33-521-0112 |
|
Masan Oil Reservoir |
64-15 Sinchon-dong, Changwon-si,
Gyeongnam-do 641-370 Korea |
|
Tel |
+82-55-264-4624 |
|
Mokpo Oil Reservoir |
330-1 Nabul-ri, Samho-myeon, Yeongam-gun,
Jeonnam-do 526-891 Korea |
|
Tel |
+82-61-464-5541 |
|
Busan Oil Reservoir |
254-13 Gamman 1-dong, Nam-gu, Busan 608-803
Korea |
|
Tel |
+82-51-640-8484 |
|
Incheon Oil reservir |
97-4 Bukseong-dong 1-ga, Jung-gu, Incheon
400-201 Korea |
|
Tel |
+82-32-770-2701 |
|
Jeonju Oil Reservoir |
173-2 Bugyo-ri, Yongji-myeon, Gimje-si, Jeonbuk-do
576-973 Korea |
|
Tel |
+82-63-546-8351 |
|
Type |
Export/Import |
|
Industry |
Petroleum Refineries |
|
Main Business |
Petroleum, Lubricants, Aromatics, Polypropylene, Liquefied Petroleum Gas,
Naphtha, Gasoline, Kerosene, Diesel Fuel, Polypropylene, Card Services, Oil
Station Operation Services |
|
Sub Business |
Wholesale of Liquid Fuel and Related Products |
|
Established (mm/dd/yyyy) |
05/19/1967 |
The Subject owns
the premises of Yeosu Factory(3,825,714m2).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Hydraulic oil(15121504) |
|
Sell |
Engine oil(15121501) |
|
Sell |
Gear oil(15121503) |
|
Sell |
Grease(15121902) |
|
Sell |
Lubricating preparations(15121500) |
|
Sell |
Kerosene(15101502) |
|
Sell |
Aviation fuel(15101504) |
|
Sell |
Liquified petroleum gas(15111510) |
|
Sell |
Benzene(15101507) |
|
Sell |
Aromatic or heterocyclic compounds(12352005) |
|
Sell |
Hydrocarbonated solvents(12191500) |
|
Sell |
Polypropylene PP(13102022) |
|
Sell |
Asphalt(30121601) |
|
Sell |
Fuel oil(15101700) |
|
Sell |
Resins(13111000) |
|
Sell |
Diesel fuel(15101505) |
CEO’s
|
Name |
Hur Dong-Soo |
|
Address |
717-9, Yeoksam-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
07/13/1943 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Education
1954~1960 Bosung
Junior & Senior High School
1960~1966 BS -
Chemical Engineering, Yonsei University
1961~1963 Military
Service
1966~1968 MS -
Chemical Engineering, University of Wisconsin
1968~1971 Ph.D -
Chemical Engineering, University of Wisconsin
Experience
1971~1973 Research
Engineer, Chevron Research Company, USA
1973 Joined GS
Caltex Corporation of Korea
1973~1978 Special
Assistant to Joint Representative Directors
1978~1981 Vice
President, Deputy Refinery Manager
1982~1984 Vice
President, Planning/Project & Construction
1984~1987 Executive
Vice President, Corporate Planning/Crude Oil/Supply and Distribution
1987~1991 Executive
Vice President, Planning & Manufacturing
1991~1993 President
& COO of GS Caltex Corporation
1997~2002 Vice
Chairman & CEO of GS Caltex Corporation
2003~ Chairman
& CEO of GS Caltex Corporation
Membership
1994.2~1995.2
Chairman of Korea Petroleum Assosiation
2001.1~ Chairman of
the Korea Baduk Association
2002.3~ Chairman of
the Korea Business Council for Sustainable Development
2005~ Chairman of
the Committee on Consumer Complaints Management System
2005~ Chairman of
the Korea Committee on the Korea-China-Japan Business Forum
2006~ Head
Committee Member of the Presidential Commission on Sustainable Development
2006~ Chairman of
GS Caltex Foundation
Awards
1985 The Industrial
Service Medal
1995 The Order of
Industrial Service Merit, Bronze Tower
2000 The Order of
Industrial Service Merit, Gold Tower
2003 The Korea
Resource Economics Association Award for Energy Entrepreneur
2005 The Order of
Civil Merit, Mugunghwa Medal
(The Highest Medal
that Korean Government can give to Korean civilian)
Profiles
|
Capital |
260,000,000,000 KRW |
|
Employees |
2,846 |
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporations A company of GS Group |
|
Bank Details |
Korea Development Bank Hana Bank S.C. First Bank of Korea |
|
Corporate Registered No. |
110111-0078819 |
|
Business Registered No. |
116-81-19123 |
|
Permit & Licenses |
12-2003 autoOasis, ISO 9001:2000 from BSI
(UK) 11-2001 QS-9000 from DNV (Det Norske Veritas) 03-1998 ISO14001 |
|
Shareholder Position |
GS Holdings : 50% Chevron Limited : 40% Chevron
Global Energy Inc. : 10% |
Company
History
09-2005 Alkylation plant completed (10,000
BPSD)
05-2005 Changed the name of CETI Co., Ltd., to
GS Fuel Cell Co., Ltd.
03-2005 Changed company name to the present
name from LG-Caltex Corp.
03-2005 The newly renamed GS Caltex unveiled
'KIXX' as its latest gasoline brand
03-2005 Changed the name of LG Power Co.,
Ltd., to GS Power Co., Ltd.
07-2004 Became a subsidiary of GS Holding
Corp., which was spun off from LG Corp
12-2003 autoOasis, ISO 9001:2000 from BSI
09-2003 Selected to provide technical
services to the Sohar Refinery in Oman
08-2003 Completion of the No.3 Paraxylene
Plant
(P-X: 1,050,000 MTA, Aromatics: 2,000,000
MTA)
03-2003 LG-Caltex Gas Co., Ltd. and Kukdong
City Gas Co., Ltd. shares sold
01-2003 Acquired participating interest in
the exploration and development project of the Cambodia Block A Area
07-2002 Yeosu Complex designated as an
Environmentally Friendly Company for the fifth consecutive year
11-2001 Shares of Kangnam City Gas Co., Ltd.
Acquired
07-2001 Achieved second safety record of 5
million incident-free man-hours at the Yeosu Complex
01-2001 Haeyang City Gas Co., Ltd. acquired
12-2000 Shares of Kyungnam Energy Co., Ltd.
acquired
08-2000 Seorabol City Gas Co., Ltd.
established
06-2000 Construction of 2nd BT Extraction
Unit completed
(BT: 600,000 MTA, Aromatics: 1,750,000 MTA)
06-2000 LG Power Co., Ltd. established
01-2000 "The Leader in Providing Total
Energy Service" proclaimed as new corporate vision
10-1999 ˇ°Sigma6ˇ± launched as the new
gasoline brand
07-1999 Service station convenience store
renamed ˇ®joyMartˇŻ
11-1998 Construction of Central Technology
R&D Center completed
09-1998 3rd Kero-Diesel Hydrodesulfurizing
Unit completed (70,000 BPSD)
10-1997 Continuous Catalytic Reforming Unit
expanded (30,000 BPSD)
03-1997 Kuk dong City Gas Co., Ltd. acquired
10-1996 Refinery capacity expanded to 650,000
BPSD
2nd Kero-diesel Hydrodesulfurizing Unit
completed (70,000 BPSD)
05-1996 Name changed to LG-Caltex Oil
Corporation and New CI announced
09-1995 Start-up of RFCC(Residue Fluid
Catalytic Crcker) (85,000 BPSD)
08-1995 Aromatics and P-X Plants expanded
(P-X Plant to 700,000 MTA, Aromatics to
1,150,000 MTA)
07-1994 Achieved safety record of 5 million
incident-free man-hours at the Yeosu(Yosu) Complex
10-1991 Completion of 1st Kero-Diesel
Hydrodesulfurizing Unit (50,000 BPSD)
09-1990 Aromatics Plant (500,000 MTA)
completed including P-X Plant (200,000 MTA)
12-1989 Polypropylene Plant capacity
expanded to 180,000 MTA
04-1988 Polypropylene Plant completed
(120,000 MTA)
09-1986 Joint venture agreement with Caltex
revised to guarantee management independence on Korean side
01-1986 Technology Research Center
established
09-1984 Yosu Energy Company, Limited
established
(Later named LG-Caltex Gas Co., Ltd.)
06-1981 Refinery capacity expanded to
380,000 BPSD
Construction of 1st Crude Wharf completed
11-1978 Refinery capacity expanded to
230,000 BPSD
10-1972 Refinery capacity expanded to
160,000 BPSD
10-1970 Refinery capacity expanded to
100,000 BPSD
11-1969 Operations commence at Lubricant
plant in Inchon
06-1969 Operations commence at Yosu Refinery
(60,000 BPSD)
05-1967 Honam Oil Refinery Company Limited
incorporated in Seoul, Korea
12-1966 Joint Venture agreement signed
(Between Caltex Petroleum Corporation and Lucky Chemical Company,
Limited later renamed LG Chem Investment)
Over the past 40
years, The Subject Company, which aims to be a total energy service leader, has
been pushing to not only perform in the petroleum and petrochemical businesses,
but also to diversify its energy business, thus leading the energy industry.
GS Holdings Corp.
was separated from LG Corp., and was established in July 2004 as an independent
business with core operations focused on the energy and distribution service
sectors. Furthermore, The Subject Company has expanded its business areas into
city gas, LNG, electric power, exploration & production, convenience
retail, e-business, New and Renewable Energy, thereby covering all energy
fields and becoming a total energy service provider with global
competitiveness.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Hur Dong-Soo |
Male |
Korean |
03/18/1994 |
|
Director |
Mr. |
Myung Young-Sik |
Male |
Korean |
09/08/2004 |
|
Director |
Mr. |
Na Wan-Bae |
Male |
Korean |
02/01/2000 |
|
Director |
Mr. |
John G. Ben |
Male |
South Africa |
04/14/2005 |
|
Director |
Mr. |
H.B. Sheppard |
Male |
USA |
06/13/2007 |
|
Director |
Mr. |
B.T. Fish |
Male |
USA |
02/13/2008 |
|
Director |
Mr. |
Jit S. Vindra |
Male |
USA |
12/15/2003 |
|
Director |
Mr. |
Seo Kyung-Seok |
Male |
Korean |
09/08/2004 |
|
Director |
Mr. |
Hur Jin-Soo |
Male |
Korean |
03/16/2001 |
|
Director |
Mr. |
Patrick Blough |
Male |
USA |
11/30/2006 |
|
Auditor |
Mr. |
Rajiv Taimni |
Male |
India |
11/28/2002 |
|
Auditor |
Mr. |
Lim Byung-Yong |
Male |
Korean |
08/11/2005 |
Mr. H.B. Sheppard is presently working as Deputy Treasurer, Chevron
Corporation, and worked for Structured Financing Gulf Oil(Director).
Financials
Unit: Million KRW
|
Year |
Sales |
Assets |
Net income |
|
19,130,049 |
11,153,465 |
620,878 |
|
|
2005 |
16,233,864 |
9,397,161 |
728,600 |
|
2004 |
14,063,203 |
7,886,192 |
846,298 |
|
2003 |
11,654,315 |
7,652,952 |
385,653 |
|
2002 |
10,719,735 |
7,174,990 |
382,062 |
Financial Description
Unit: KRW
|
Authorized
Capital |
270,000,000,000 |
|
Paid-Up
Capital |
260,000,000,000 |
|
Total Issues Shares |
26,000,000 |
Balance
Sheet
|
Unit : Million Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
15,266,051 |
11,153,465 |
9,397,161 |
|
Current Assets |
7,955,543 |
4,995,634 |
4,072,756 |
|
-Quick Assets |
5,605,613 |
3,317,889 |
2,717,140 |
|
-Inventories |
2,349,930 |
1,677,745 |
1,355,616 |
|
Fixed Assets |
7,310,508 |
6,157,831 |
5,324,405 |
|
-Investment |
1,164,713 |
1,249,084 |
1,347,353 |
|
-Tangibles |
5,916,335 |
4,702,061 |
3,975,884 |
|
-Intangibles |
12,351 |
2,796 |
1,168 |
|
-Others |
217,109 |
203,890 |
- |
|
Total Liabilities |
9,579,328 |
5,858,402 |
4,418,092 |
|
Current Liabilities |
7,599,325 |
4,635,561 |
3,205,446 |
|
Fixed Liabilities |
1,980,003 |
1,222,841 |
1,212,646 |
|
Capital Stock |
260,000 |
260,000 |
260,000 |
|
Capital Surplus |
1,734,637 |
1,734,637 |
1,734,637 |
|
Profit Surplus |
3,659,218 |
3,275,198 |
2,960,632 |
|
Capital Adjustment |
32,868 |
25,228 |
23,800 |
|
Total Equity |
5,686,723 |
5,295,063 |
4,979,069 |
|
Liab. & Shareholder’s Equity |
15,266,051 |
11,153,465 |
9,397,161 |
|
Current
Liabilities |
7,599,325 |
4,635,561 |
3,205,446 |
|
Trade Payables |
1,480,711 |
1,356,826 |
1,256,624 |
|
Short-Term Borrowings |
481,601 |
262,147 |
106,365 |
|
Usance Borrowings |
2,978,009 |
532,539 |
327,454 |
|
Account Payables |
2,465,987 |
2,274,999 |
1,351,907 |
|
Advance Receipts |
21,982 |
27,585 |
26,512 |
|
Withhold Deposit Received |
79 |
131 |
482 |
|
Accrued Expenses |
43,092 |
28,200 |
28,820 |
|
Current Portion of Long-Term Debts |
- |
93,001 |
101,281 |
|
Derivatives |
127,864 |
60,133 |
6,001 |
|
Fixed Liabilities |
1,980,003 |
1,222,841 |
1,212,646 |
|
Debentures |
1,501,120 |
1,022,560 |
1,013,000 |
|
Long-Term Borrowings |
12,348 |
798 |
840 |
|
Long-Term Borrowings-Foreign Currencies |
308,385 |
18,723 |
14,199 |
|
Long-Term Advance Receipts |
1,191 |
1,786 |
2,381 |
|
Long-Term Guarantee Deposit Received |
22,300 |
20,699 |
17,908 |
|
Provision for Severance & Retirement |
203,247 |
196,405 |
183,186 |
|
National Subsidies |
1,610 |
910 |
271 |
|
Deferred Income Tax Credit |
105,500 |
109,050 |
122,452 |
Income
Statement
|
Unit : Million Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
21,468,331 |
19,130,049 |
16,233,864 |
|
Cost of Sold Goods |
19,731,089 |
17,793,320 |
14,643,126 |
|
Gross Profit |
1,737,242 |
1,336,729 |
1,590,738 |
|
Selling & Admin. Expenses |
728,522 |
666,682 |
735,892 |
|
Operating Income |
1,008,720 |
670,047 |
854,846 |
|
Non-Operating Income |
718,652 |
746,319 |
578,707 |
|
Non-Operating expenses |
939,756 |
630,632 |
454,271 |
|
Ordinary Income |
787,616 |
785,734 |
979,282 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
787,616 |
785,734 |
979,282 |
|
Income Taxes Expenses |
155,596 |
164,856 |
250,682 |
|
Net Income |
632,020 |
620,878 |
728,600 |
Cash
Flows
|
Unit : Million Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
380,544 |
557,637 |
1,153,341 |
|
-Net Income |
632,020 |
620,878 |
728,600 |
|
-Exp. without Cash Outflow |
528,012 |
387,511 |
317,581 |
|
-Revenue
without Cash Inflows |
(-)174,786 |
(-)203,990 |
(-)180,462 |
|
-Changes in
Asset/ & Liability |
(-)604,702 |
(-)246,762 |
287,622 |
|
Cash Flows
from Investing |
(-)1,374,596 |
(-)1,028,881 |
(-)597,704 |
|
-Cash Inflow
from Investing |
315,968 |
87,670 |
158,262 |
|
-Cash
Outflows for Investing |
(-)1,690,564 |
(-)1,116,551 |
(-)755,966 |
|
Cash Flows
from Financing |
3,032,324 |
165,863 |
(-)197,426 |
|
-Cash
Inflows from Financing |
3,374,124 |
558,163 |
398,954 |
|
-Cash Outflows
from Financing |
(-)341,800 |
(-)392,300 |
(-)596,380 |
|
Increase/Decrease in Cash |
2,038,272 |
(-)305,381 |
358,211 |
|
Cash at the Beginning of Year |
237,944 |
543,325 |
185,114 |
|
Cash at the End of Year |
2,276,216 |
237,944 |
543,325 |
Products, Technologies, Services
Description
|
Production
Capacity |
Refined Oil Products: 223,469 Thousand
Barrel Aromatic Products: 1,810 Thousand Ton PP Products: 169 Thousand Ton |
Petroleum Business
The Subject Company
has crude oil refining facilities with a capacity of 650,000 barrels a day, and
provides a stable supply of oil products to the nation. With Residue Fluid
Catalytic Cracking Units designed to crack 90,000 barrels of bunker C oil a day
to produce high-valued products such as gasoline, kerosene, and diesel, as well
as advanced facilities such as those designed to desulfurize 190,000 barrels of
kerosene and diesel a day, GS Caltex proactively responds to the rapidly
changing market environment.
Additionally, The
Subject Company operate about 3,000 gas stations and about 300 gas filling
stations nationwide. In 1996 The Subject Company opened Korea's first gas
station-convenience store combined chain, JoyMart. Also, since 1994, The
Subject Company has been operating the light maintenance franchise chain,
AutoOasis.
Petrochemicals
Business
The Subject Company
vigorously advanced into the petrochemical industry, as the company established
plants within its Yeosu Plant Complex to produce polypropylene in 1988, and
paraxylene and aromatics in 1990, respectively.
The Subject Company
began its aromatics business with the construction of a plant to produce
200,000 tons of paraxylene and 300,000 tons of aromatics a year in April 1990.
Investments in the business have continued in order to keep up with rapidly
changing market situations.
In April 2003, the
Company completed the construction of its third paraxylene unit with a
production capacity of 350,000 tons by employing MTPX technology, an advanced
technology developed by Exxon-Mobil. The Company's total aromatics production
capacity is 2,200,000 tons including 1,200,000 tons of paraxylene, 770,000 tons
of benzene annually. This is the world's largest aromatics plant as single
site.
Also, polypropylene
business, the other part of petrochemical group, was launched in 1988, with the
introduction of the Dow Chemical Company's Unipol process of fluidized
bed-based vapor-phase polymerization, which allowed the production and supply
of the finest-quality polypropylene. The Subject Company is now capable of
producing 180,000 tons of polypropylene a year. Since 2001, The Subject Company
has been producing the entire volume of propylene, the raw material for
polypropylene, from the Residue Fluid Catalytic Cracking (RFCC) Unit process.
LNG and City Gas
Business
The Subject Company
is moving to become a total energy service provider by adding an
environmentally friendly LNG and city gas business to its traditional petroleum
and electric power businesses. To this end, The Subject Company is preparing to
construct an LNG Terminal and to conclude LNG import agreements to push ahead
with the business of directly importing LNG, as approved by the Ministry of
Commerce, Industry and Energy. Through these efforts, after 2008, The Subject
Company will supply LNG for own-use in oil refining utilities in Yeosu Complex,
and in generating electric power in GS Power and GS EPS.
Also, The Subject
Company has taken over Haeyang City Gas Co., Ltd. and Seorabeol City Gas Co.,
Ltd. to secure a base for the LNG business, and have formed strategic alliances
with Kyungnam Energy Co., Ltd. and Kangnam City Gas Co., Ltd., thus securing a
stable demand. Alongside this, we are striving to maximize synergies of the LNG
business through the established GS EPS Co., Ltd. and GS Power Co., Ltd. which
use LNG as fuel.
Electric Power
Business
The Subject Company
is conducting business in the electric power sector as well as taking steps
towards its goal of becoming a total energy service provider through
diversification of its core energy business. In line with the government's
strategy to introduce and expand private power generation, GS EPS was
established as the first private power generation company in October 1996, with
the operation of a 500,000 kw LNG combined-cycle power plant.
Additionally, GS
Power Co., Ltd., was established in September 2000, and took over and continued
operation of a 950,000 kw combined heat and power plant and district heating
facilities in the Anyang and Bucheon areas from KEPCO.
Currently, The
Subject Company uses clean energy technology, LNG, to efficiently operate a
combined-cycle power plant with a total capacity of 1.45 million kw and
district heating supply facilities, which play a central role in supplying electric
power to the national capital region.
The Subject Company
also operates stable and efficient district heating facilities to supply an
economic heating service to new towns in Anyang, Pyeongchon and Bucheon.
Exploration and
Production
The Subject Company
first entered into the exploration and production business in 2003 by acquiring
a 15% participating interest in the exploration and development project of
Cambodia Block A Area, located on the west coast of Cambodia.
The Subject Company
and its partners, Chevron and Mitsui, discovered oil in five exploration wells
during the drilling campaign from October 2004 to February 2005. Oil pay logged
in the wells ranges from 41 feet to 139 feet and the analysis of samples
indicates the oil is a medium gravity, 44 degree API crude.
New and Renewable
Energy
The Subject Company
has been striving to New and Renewable Energy, including fuel cell
technologies, since 1989. Its Value Creation Center is developing fuel cell
technologies in conjunction with its subsidiary fuel cell specialist GS
FuelCell co.,Ltd, established in November 2000.
After three
years of research and development efforts, in April 2004 GS FuelCell developed
a high efficiency and compact polymer electrolyte membrane fuel cell(PEMFC) for
home(residential power generator) with a capacity of 1kW and using city gas as
fuel.
Trade
Partners
|
Suppliers |
CHEVRON GLOBAL ENERGY INC. CHEVRON U.S.A. INC. GS CALTEX SINGAPORE PTE., LTD. KOC CO., LTD. ADDRESS: 1/F WONDUCK BLDG., 681-9, JAKJEON-DONG,
GYEYANG-GU, INCHEON 407-060 KOREA TEL 82-32-505-2588 FAX 82-32-505-2586 INDUSTRY: MANUFACTURE OF FILTERING OR
PURIFYING MACHINERY FOR LIQUIDS OR OILS HYUNDAI OILBANK CO., LTD. ADDRESS: 640-6, DAEJUK-RI, DAESAN-EUP,
SEOSAN-SI, CHUNGNAM-DO 356-874 KOREA TEL: 82-2-2004-3000 FAX: 82-2-2004-3020 INDUSTRY: PETROLEUM REFINERIES E1 CO., LTD. ADDRESS: 13FL., ASEM TOWER, 159-1, SAMSEONG
1-DONG, KANGNAM-GU, SEOUL 135-798 KOREA TEL: 82-2-3441-4114 FAX: 82-2-3441-4119 INDUSTRY: WHOLESALE OF GASEOUS FUEL AND
RELATED PRODUCTS KOREA TELECOM POWERTEL CO., LTD. ADDRESS: 19 FL. KT INFORMATION CENTER, 924,
MOK-DONG, YANGCHEON-GU, SEOUL 158-050 KOREA TEL: 82-2-2166-0130 FAX: 82-2-2062-2471 INDUSTRY: MOBILE TELEPHONE SERVICES SEYANG SHIPPING CO., LTD. ADDRESS: 13TH FL., JANGGYO BLDG., 1,
JANGGYO-DONG, JUNG-GU, SEOUL 100-220 KOREA
TEL: 82-2-3706-6900 FAX: 82-2-3706-6997 INDUSTRY: OCEANGOING FOREIGN FREIGHT
TRANSPORT KAEL CO., LTD. ADDRESS: 1690-2, SINIL-DONG, DAEDEOK-GU,
DAEJEON 306-230 KOREA TEL: 82-42-931-6287 FAX:
82-42-931-9190 INDUSTRY: MANUFACTURE OF FILTERING OR
PURIFYING MACHINERY FOR AIR OR GASES HANWHA L&C CORP. ADDRESS: 14TH FL., HANWHA BLDG., 1,
JANGGYO-DONG, JUNG-GU, SEOUL 100-797 KOREA TEL: 82-2-729-1114 FAX: 82-2-729-1461 INDUSTRY: MANUFACTURE OF WALL AND FLOOR
COVERINGS OF PLASTICS |
|
Customers |
GS POWER (134111-0074744) HAEYANG CITY GAS. CO., LTD (200111-0004906) SAMYANG INTERNATIONAL CO., LTD. SYNGENTA KOREA LTD. ADDRESS: 642, SEOGAM-DONG, IKSAN-SI,
JEONBUK-DO 570-330 KOREA TEL: 82-63-830-5800 FAX: 82-63-832-3677 INDUSTRY: MANUFACTURE OF AGRICULTURAL
CHEMICAL PRODUCTS PLUMB FAST CO., LTD. ADDRESS: 318, JUNG-DONG, DONG-GU, DAEJEON
300-160 KOREA TEL: 82-41-865-9681 FAX: 82-41-865-9188 INDUSTRY: MANUFACTURE OF PLASTIC BARS,
PIPES, TUBES AND HOSES HANWHA L&C CORP. ADDRESS: 14TH FL., HANWHA BLDG., 1,
JANGGYO-DONG, JUNG-GU, SEOUL 100-797 KOREA TEL: 82-2-729-1114 FAX: 82-2-729-1461 INDUSTRY: MANUFACTURE OF WALL AND FLOOR
COVERINGS OF PLASTICS |
|
Competitors |
|
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Join Venture |
CAMBODIA BLOCK A (15.0% held by the subject company) WEST KAMCHATKA SHELF AREA (4.0% held by the subject company) THAILAND SHELF AREA (30.0% held by the subject company) |
|
Subsidiary |
AMCO (100.0% held by the subject company) GS NEXTATION.CO.,LTD. (110111-2123571) (98.69% held
by the subject company) SEORABEOL CITY GAS CO.,LTD (171211-0024180) (100.0% held by the subject company) GS POWER (134111-0074744) (100.0% held by the subject company) HAEYANG CITY GAS. CO., LTD (200111-0004906) (100% held by the subject company) GS FUELCELL CO.LTD. (160111-0108202) (53.69% held by the
subject company) HAEYANG CITY GAS. CO., LTD (200111-0004906) GS FUELCELL CO., LTD. (160111-0108202) GS CALTEX QUINGDAO CO., LTD –CHINA (100.0% held by the subject company) GS CALTEX SINGAPORE PTE. |
Domestic Affiliates (Total 51 companies)
GS HOLDINGS CORP. (110111-3045112)
GS HOME SHOPPING INC. (110111-1111444)
COSMOCHEMICALCO., LTD (110111-0152738)
SAMYANGTONGSANG LTD
GS ENGINEERING & CONSTRUCTION CORPORATION (110111-0002694)
GS POWER (134111-0074744)
SEORABEOL CITY GAS CO., LTD (171211-0024180)
OIL CHAIN CORPORATION (110111-2194754)
GS RETAIL (110111-0090037)
GSWATSONS (110111-3136474)
KOREA CABLE TV ULSAN STATION (181211-0045481)
GS TELESERVICE (110111-2618192)
GS SPORTS.LTD (110111-3024330)
HAMOO DEVELOMET CO., LTD (110111-0411142)
XI SERVICE (110111-3141720)
SAMYANG INT'L CO., LTD. (110111-0424848)
BOHEUN DEVELOPMENT CO., LTD. (110111-1557573)
COMTECH INTERNATIONAL
OKSAN DISTRIBUTION (110111-1426108)
S M COMPANY LTD (110111-1308124)
GS NEOTEK (110111-0166953)
EZVILLE,INC. (110111-1934557)
CENTRAL MOTORS CORP. (131111-0101912)
SUNGSAN GROUP CORPORATION (110111-0110653)
SLS LTD (110111-1632424)
SUNGSAN LEISURE INC (141111-0022893)
YEOSU-WHAMUL INC (204714-0001033)
WANNA NET
COSMO FINE CHEMICALS CO.,LTD.(110111-0531205)
COSMO INDUSTRIAL CO.LTD (150111-0077722)
SMARTRO CO.,LTD (110111-1536189)
COSMO & COMPANY CO., LTD.
(110111-0298243)
COSMO CORPORATION CO., LTD.(110111-2559354)
COSMO INET (110111-2559362)
ISURF INC. (110111-2197047)
LANDMARK ASIA, INC. (110111-2219411)
DREAM SPORTS
COSMO S&F
MARUMAN KOREA (131111-0093953)
DH CLUB.COM
ESTECH ESTIMATE CORP. (110111-3253583)
NEXTATION.CO.,LTD. (110111-2123571)
UIJEONGBU LIGHT RAIL TRANSIT CO., LTD
(280111-0071743)
STSLOGISTICS INC. (110111-1999197)
GS EPS
KANGNAM CABLE SYSTEM INC. (110111-1009780)
ITMEXSYI (110111-3451731)
GLS SERVICE CORP. (110111-3532846)
OVERSEAS AFFILIATES (TOTAL 25 COMPANIES)
GS CALTEX SINGAPORE PTE. SINGAPORE
LADERA CO. LTD. USA
GS E&C ITALY S.R.L ITALY
GS E&C (NANJING) CO. LTD. CHINA
GS E&C POLAND SP.ZO.O POLAND
CHONGQING GS SHOPPING INC. CHINA
SAMHO CO. LTD. VIETNAM
SAMMA CORP. PHILLIPPINES
SAMYANG LEATHER CHINA
FARWEST STEEL CO. USA
COSMO PLASTIC PIPE CHINA
GS AROMATICS PTE. SINGAPORE
LIDONG CHEMICAL CO. LTD. CHINA
GS-HP SUNFLOWER INTERNATIONAL VILLAGE CORP. VIETNAM
LANDMARK GLOBAL INC. USA
WESTERN COATING INC. USA
QINGDAO LIXING LOGISTICS CO., LTD. CHINA
GS E&C THAI CO. LTD THAILAND
BEIJING SC MOTOR PARTS CHINA
FRONTIER NEMTWO MALAYSIA
FRONTIER WOKAM MALAYSIA
GS CALTEX CHINA
GS E&C MEXICO, S.A.DEC.V. MEXICO
GS E&C INDIA PRIVATE LTD. INDIA
GS CALTEX CHINA
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
11,021,511 |
9,525,653 |
7,856,818 |
|
Domestic |
10,293,324 |
9,455,651 |
8,235,995 |
|
Others |
153,496 |
148,745 |
141,051 |
|
Total |
21,468,331 |
19,130,049 |
16,233,864 |
The Subject deals with the companies in USA, China, Oman, Saudi Arabia
and Indonesia.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/
Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Central District Court |
The Ministry of Defense, Korea |
The Subject Company and 4 other companies |
Claim of Damages |
26,098,000,000 |
1st Round defeated, the 2nd round proceeding |
News
Clipping
GS Caltex to build third HOU facility
JoongangIlbo & Joins.com:05/19/2008
GS Caltex Corporation, Korea’s second-largest refiner, will invest 2.94 trillion
won ($2.8 billion) to build a heavy oil upgrade facility in Yeosu, South
Jeolla.
The facilities will specialize in converting cheap bunker C fuel oil
into high-value gasoline, kerosene and diesel, the company said in a release
yesterday.
GS Caltex already established two HOUs in 1995 and 2007.
This is the third HOU for the company, and its biggest investment since
the company was established in 1966.
After the construction of the new plant, GS Caltex expects to produce
113,000 barrels of oil products per day from the third HOU.
GS Caltex says it will have the highest capacity in Korea when it comes
to transforming bunker C fuel oil into more expensive oil.
Its No.1 and No.2 HOUs are capable of producing 93,000 barrels and
60,000 barrels per day, respectably.
“We expect about 900 billion won in exports of oil products with this
investment,” the company said in the release.
Bunker C fuel oil remains after more high-value added oil products are
removed from crude oil.
The HOU is a facility that can extract expensive oil products from the
bucker C fuel oil.
With the crude oil price per barrel already passing $100, bunker C fuel
oil has emerged as an important money-making source for oil refineries.
Construction on the 615,000 square meter plant will start next month.
It is scheduled to be completed by the end of 2010.
By Sung So-young Staff Reporter[so@joongang.co.kr]
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
Caltex seeks alliance with Chinese firm
JoongangIlbo & Joins.com:04/04/2008
GS Caltex Corporation, Korea’s second-largest refiner, is seeking a
strategic alliance with China Petroleum and Chemical Corporation in the
aromatics business.
GS Caltex and China Petroleum, known as Sinopec, on April 2 signed a
framework agreement to jointly manage Qingdao Lidong Chemical Company in
eastern China’s Qingdao, GS Caltex said in an e-mailed statement yesterday.
The chemical company produces aromatics including paraxylene, benzene
and toluene.
A unit of GS Caltex currently holds a 60 percent stake in the company.
Bloomberg
- Copyrights ⓒ JoongangIlbo &
Joins.com, All rights reserved. –
Oil refiners enjoy booming business
KOREA HERALD :11/03/2007
Record high oil prices are placing a heavy burden on consumers, but local
oil refiners are raking in hefty profits, according to industry data.
GS Caltex, the nation`s second-largest oil refiner, saw its operating
profit surging 89.3 percent to 274.5 billion won in the third quarter from a
year earlier, the company said in a regulatory filing on Thursday. The figure
is second highest since it recorded 280 billion won in the second quarter last
year.
The company attributed the high profits to improved refining margins
compared to a year ago, and high prices of gasoline.
SK Energy`s operating profit also jumped 19.7 percent to 418.4 billion
won in the third quarter from a year ago, with operating profit margin moving
up by 0.9 percentage point to 6.3 percent.
The energy and petrochemical company`s strong performance in oil
business mainly drove its profits up, company officials said.
Some critics say that oil refiners are taking too much profit on high
oil prices on a speculation that refiners take advantage of not revealing the
ex-factory prices of gasoline and diesel.
In a recent National Assembly audit, Rep. Chin Soo-hee of the Grand
National Party pointed out that local oil refiners pumped up ex-factory prices
of gasoline in the first half, passing on high oil price burden to consumers.
However, oil refiners say their oil businesses contribute to the growth
of Korea`s exports, and therefore do not hurt consumers. SK Energy officials
told local newspaper Seoul Shinmun on Thursday that half of their sales last
year were made overseas, mostly in Asian countries.
The government remains neutral on the issue, as Finance Minister Kwon
O-kyu said in a National Assembly audit on Thursday that the government
"cannot force oil refiners to disclose ex-factory prices in a market
economy system."
By Kim Yoon-mi (yoonmi@heraldm.com)
GS Caltex eyes Hyundai Oilbank
KOREA HERALD :09/14/2007
GS Caltex Corp., the nation`s second largest refinery, is currently in
talks with International Petroleum Investment Co. to take over a 35 percent
stake in Hyundai Oilbank Co., the company`s CEO Hur Dong-soo said yesterday.
"I am interested in the acquisition because I think there is a lot
of synergy with Hyundai Oilbank," he said in a press conference.
IPIC, the United Arab Emirates` state oil firm, is looking to sell half
of its 70 percent stake in Hyundai Oilbank.
"I heard that IPIC has chosen several preferred bidders," Hur
said.
"It is taking longer than other deals."
Several local and foreign bidders are known to make bids for the
refiner`s stake, including GS Caltex, Hyundai Heavy Industries Co., Lotte Group
and ConocoPhillips Co.
The price of the sale is estimated at around 800 billion won ($850
million) at the current market price.
Analysts have been saying that the high price is holding up
negotiations.
Bidders are reportedly hesitant on the deal as a recent hike in oil
prices substantially boosted stock valuations of Hyundai Oilbank.
The press conference was held after the opening ceremony of the first
hydrogen fuel station in Seoul.
The oil company built the alternative energy pump to supply hydrogen
power to 14 test fuel cell vehicles which the government will run from this
year.
GS Caltex aims to further develop its fuel cell technologies through the
8.5 billion won project.
A fuel cell is an energy-supplying device, which can continuously
produce electricity by transforming chemical energy from sources such as
natural gas and methanol into electric power.
It combines fuel molecules with oxygen to generate power with less of
the noise and pollution associated with conventional combustion-based power
generators using oil and gas. Hydrogen fuel cells emit no CO2 emissions.
Since a fuel cell shows more efficiency in energy transformation than
any other fuel application, the government and several firms have shown keen
interest in tapping its commercial potential.
GS Caltex is also has a fuel cell developer, GS FuelCell Co. under its
wing.
By Ko Kyoung-tae (kkt@heraldm.com)
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.39 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)