GS Caltex betting big on future energy

GS Caltex Chief Executive Hur Dong-soo said the company should continuously make profits from its petroleum, petrochemical and lubricant businesses, while developing fuel cells, thin-film cells, carbon materials and resource development as its new growth areas. To that end, the company has been focusing on its on-going facility investment, while aggressively expanding into overseas markets. The company plans to increase the portion of its exports to more than 60% of its sales this year, up from 57% last year. GS Caltex also looks to boost the portion of exports of its lubricant products to 50% by 2014, from the current 20%, by expanding shipments to major markets such as China, Russia and India. GS Caltex is a joint venture between Korea’s GS Holdings Corp. and U.S.-based Chevron Corp. (March 26, 2010)