GS Caltex emerges as exporter
A GS Caltex employee talks on a radio in this file photo. GS Caltex is marking itself as a noticeable exporter, with more than 70 percent of its revenue coming from outbound shipments. / Courtesy of GS Caltex
GS Caltex is marking itself as a noticeable exporter, with more than 70 percent of its revenue coming from outbound shipments.
According to the refiner, its exports ratio to total revenue stood at 26 percent in 2002, and quickly reached 50 percent in 2006. It continued to grow to 67 percent in 2012, 69 percent in 2015 and first surpassed 70 percent in 2016. The ratio stood at 71 percent in 2017.
In 2011, GS Caltex became the first refiner and the second Korean company to have its accumulated amount of exports surpass the $20 billion mark. Next year, it surpassed the $25 billion mark.
The company attributed the surge to its timely investments into facilities, so it could secure competitiveness against its global rivals.
GS Caltex's plant in Yeosu, South Jeolla Province, is where the company's investments are centered. Opened as a plant with a daily capacity of 60,000 barrels in 1969, the company has been making investments in refining and desulfurizing facilities and now boasts a daily capacity of 790,000 barrels of refined and 279,000 barrels of desulfurized products.
In February, the company announced a plan to spend 2 trillion won and build an olefin production plant in Yeosu. The olefin production facility will be capable of producing 700,000 tons of ethylene and 500,000 tons of polyethylene annually. They are necessary materials for industrial chemicals and plastics.
GS Caltex said it has been making investments on cracking facilities in recent years to produce eco-friendly and value-added products, in a response to the rising global demand for clean energy.
Starting from its residue fluidized catalytic cracker in 1995, it poured 5 trillion won into building hydrocracking facilities in 2007 and 2010, and added a vacuum gas oil fluidized catalytic cracking unit in 2013.
Along with oil exports, GS Caltex said it is exporting petrochemical products to Asian countries.
Currently, GS Caltex can produce 1.35 million tons of para-xylene, 930,000 tons of benzene, 170,000 tons of toluene and 180,000 tons of polypropylene.
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