South Korea’s GS Caltex Becoming an Export-Driven Company

GS Caltex of South Korea, fourth-largest single-site oil refinery in the world, is heading towards becoming an export-driven profitable company due to its aggressive overseas marketing strategy and continuous R&D investments. It is an oil refiner founded in 1966 and provides more than one-third of Korea’s oil requirements and exports over 50% of its products. The company’s export ratio of its total sales was about 70% last year. In 2002 it was at 26% only but went beyond 50% in 2006. It became 67% in 2012 and 68.2% in 2013. The export sales of Caltex reached $20 billion in 2011, becoming the first oil refinery and the second private company in the country to record such overseas performance. During the next year, its export sales exceeded $25 billion. This stupendous growth in the export market is due to the company’s timely investments in refinery and production facilities translating to crude oil-refining facilities with a capacity of 785,000 barrels per day. It can also desulfurize 272,000 barrels of kerosene and diesel per day.

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