GS Caltex CEO calls for cost savings

The Chief Executive Officer of GS Caltex Corp., Hur Dong-soo, has called for company-wide cost-saving efforts at a time when the company is facing a serious threat to its bottom line. In the first quarter, GS Caltex recorded more than 200 billion won (US$158.67 million) in operating profits, but suffered a net loss of 23 billion won (US$18,25 million) due to exchange rate fluctuations. Last year, the nation’s second largest refiner was on a roller coast ride, cashing in on fast-rising oil prices. The firm is investing heavily on producing better quality fuels and accelerating its efforts to develop alternative energy sources. About 1.7 trillion won (US$1.35 billion) has been earmarked for these projects. (May 18, 2009)