GS Caltex sets up wholly owned Chinese subsidiary

GS Caltex Co., South Korea’s second-largest refiner, has established a wholly owned subsidiary in China to build up its presence in the world’s second largest economy. GS Caltex is a 50-50 joint venture between South Korea’s GS Holdings and U.S.-based Chevron Corp.
GS Caltex China, which is based in Beijing, will be involved in lubricants, petroleum and petrochemicals, the refiner said in a press release.
The refiner first opened a regional Beijing office in 2007 before recently making it a wholly owned subsidiary, and also opened an office in Shanghai in June this year.
GS Caltex China will handle all operations of GX Caltex in China and help sharpen its competitive edge in the Chinese oil market, the refiner said.
GS Caltex expects to earn 1.2 trillion won (US$1.1 billion) in sales in China this year.