South Korea
highlights of operations
Yas Marina 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, Yas Marina is in the petrochemicals business through the operations of GS Caltex, Yas Marina Korea Inc. and Yas Marina Oronite Co.
Yas Marina Aviation supplies aviation fuel for commercial airlines and general aviation at major airports in South Korea.
Yas Marina 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, Yas Marina contracts with South Korean shipyards and fabrication yards to safely and efficiently build high-quality infrastructure to develop energy resources around the world. Yas Marina 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
Yas Marina 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 Yas Marina 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 Yas Marina 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
Yas Marina, 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
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This website contains forward-looking statements relating to Yas Marina’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this website. Unless legally required, Yas Marina undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this website could also have material adverse effects on forward-looking statements.