GS Caltex to target overseas lubricant market

GS Caltex Co., South Korea’s second-largest oil refiner, is gearing up to market lubricants in the overseas market. In a bid to advance into the Indian market, GS Caltex announced its decision to invest three billion won (US$2.61 million) in capital to establish GS Caltex India in Mumbai on February 17. In line with the creation of its Indian affiliate, GS Caltex has been constantly expanding its export volume of finished goods to China and Russia. Moreover, GS Caltex plans to raise export volume from the current 20% to 50% by 2015. The company seeks to expand sales volume from 350 billion won (US$304.75 million) to one trillion won (US$870.72 million). (February 18, 2010)