GS Caltex reports largest-ever oil export

South Korea, a crude-dry country, is home to GS Caltex which continues to expand its global market share even as the euro zone financial crisis looms. Last year, the company reported sales of KRW47.946 trillion (US$42.8 billion), KRW2.02 trillion (US$1.8 billion) in operating profit, and KRW1.236 trillion (US$1.1 billion) in net profit. In recent years, the company’s exports grew threefold compared to 22% in 2001.
Last year’s growth of 63% of total sales was the highest ever recorded for the company. GS Caltex earned revenue close to 83.3% of the total cost of imported crude oil when it imported US$28.396 billion of crude oil and exported US$23.664 billion of oil and petrochemical products. The company manages to achieve success partly due to its diversification of investment portfolios and infrastructure development geared at meeting the demands of the ever-changing oil market.
GS Caltex is also actively expanding its exports of lubricating oil base oil and finished lubricants. In 2011, the entire lube oil business in South Korea recorded KRW1.643 trillion (US$1.4 billion) in sales, KRW411.3 billion (US$367.6 million) in operating profit, and 76% of total sales in export. GS Caltex is currently exporting 70% of its products to 13 countries, including China and Thailand. The company began its lube base oil business in 2007 and it has since been showing an annual growth of more than 30%, with KRW1.4 trillion (US$1.2 billion) in sales last year. (August 27, 2012)