The GS Caltex started on 19th May 1967 as Korean's first private Oil Company, and over the years, it has started several subsidiary and annex companies, even in other countries. It is among the leading oil refineries and businesses dealing in oil and petroleum products. GS’s magnificent refining systems have a capacity of 755,000 bpd, a desulfurizing capacity of 272,000 bpd and an upgrading capacity of 215,000 bpd. GS is ranked the best Company that produces the finest petroleum products globally. GS has 3,781 gas stations planted all over Korea. GS’s vision “The Leader in Providing Total Energy Service'' is tied to its success in operating oil and petrochemical business (Gao, 2010). The Company has also ventured in various energy sectors over the past four decades. GS was awarded USD 20 billion Export Tower Award because of its exceptional performance.
Ph.D. Dong-soo Hur is the Chief Executive Officer and the Chairman of the company. The company has 3,100 employees and is legitimized to carry out researches in clean energy. The citizens who are not direct beneficiaries of the Company still profit from it via their support and sponsorship in community development projects. They also benefit through educational sponsorships, support, donations to charity and embracing the culture and art. The above-mentioned is part of the organization’s social responsibility (Plunkett, 2007). GS Caltex operates mainly in South Korea-Seoul and has a trading partner in Singapore.
KNOC is the primary expatriate found in Korea, Seoul city. This Company alone operates 15 Crude Oil tanks as SPR's 50 Million Barrels that can unbelievably hold oil that can sustain South Korea for 60 days! Tank No. T-201 is the main reservoir of ADNOC, and it can store up to 6 Million Barrels of oil. Additionally, YEOSU is one of the biggest refineries in Asia and 4th largest single refinery in the world. It operates 750 mbd/day, and it runs 43 different types of both heavy and light crude oil imported. 75% of GS’s imported oil is from AG National Oil Producers, 6% from Asia, and 19% from other international oil producers. YEOSU is approximately 6 million m² area grounds (Gao, 2010). YEOSU’s Base Oil cracker was commissioned in March 2013.
GS Caltex established a branch in September 1995, in Singapore, but its chief office was Abu Dhabi. The office represents and coordinates Middle East oil producers and also gets involved in new business developments. London and Huston's offices follow up the market information and updates regarding trades that have been taken place in both markets (Plunkett, 2007). The opening of the branch primary objective is to expand the business because Singapore is strategically positioned considering companies in Asia. Singapore branch following up with the market forecast in Singapore, have an overall market view to participating in the paper market (Plunkett, 2007). The service includes hedging between crude and refined products and physically trading through their refined product. Singapore’s market operations concur with the top oil companies which actively trades via Platt’s window; mainly for Crude and refined products.
Conclusion and Recommendation
The paper entails that the trainees got everything under the same roof at GS Caltex’s premises. Trainees got firsthand information concerning petroleum industry and oil market outlook. GS Caltex shared their confidential information with ADNOC’s trainees, wholeheartedly, during the training program. Therefore, the course fulfilled the requirements, achieved the objectives of field work, and can be recommended for our Marketing and Refining Directorate colleagues who wish to participate in a program like such.