feature

GS caltex
joint-venture refinery
marks 50-year milestone

GS Caltex Corp., Chevron’s non-operated joint venture in Korea, marked its 50th anniversary this year. GS Caltex – owned equally by Chevron and GS Energy – is Korea’s first private oil refining company, and the second largest energy company in Korea.

GS Caltex operates the fourth largest refinery in the world at 790,000 barrels per day. It is our largest refinery in the Chevron system, and the largest producer of aromatics products globally.

GS Caltex 50th anniversary celebration

A formal 50th anniversary celebration event was held at GS Caltex headquarters in Seoul. GS Caltex Chairman and CEO Jin-Soo Huh (right) and Chevron Korea Country Chairman Bill Miner attended the event and celebrated the important milestone with 400 GS Caltex employees based in Seoul.

In May 2017, GS Caltex organized a commemorative ceremony, which was attended by about 400 employees in Seoul to celebrate the historical milestone. To mark the significance of this 50-year partnership, Chairman and CEO John Watson sent a congratulatory video message, while Vice Chairman Mike Wirth, and Downstream & Chemicals Executive Vice President Pierre Breber, celebrated with GS Caltex executives in April.

“As one of the first foreign investors in Korea, Chevron is proud of the long-standing and successful partnership we have developed with GS. GS Caltex’s growth has paralleled Korea’s economic ascent, becoming a global leader in refining and petrochemicals. Chevron is committed to supporting GS Caltex in advancing world-class operational excellence and enabling economic progress.”

Andy Walz
President of International Products

There are three non-operated joint ventures in Chevron’s International Products portfolio: GS Caltex, Singapore Refining Company, and Star Petroleum Refining Public Company Limited in Thailand. These affiliates are integral to Downstream & Chemicals as the refined products from the three refineries are placed in International Products’ three Distributive Areas in Asia Pacific. The three joint-venture refineries in Korea, Singapore and Thailand are strategically located to support International Products’ value chain, and deliver competitive returns and grow earnings through efficient cost structures and paced capital investments.

GS Caltex, whose core business offerings include petroleum, petrochemical, and lubricants, exports 50 percent of its products to more than 20 countries, including Australia, Singapore, Philippines, Hong Kong, New Zealand, and China. It also supplies about 25 percent of the Korean market’s fuel through its network of approximately 2,500 GS Caltex-branded service stations and 400 liquefied petroleum gas filling stations.

Chevron’s partnership with GS Caltex started in 1967 with the establishment of Honam Oil Refinery, the first private oil refining company in Korea. The Honam Oil Refinery was renamed LG Caltex, and subsequently named GS Caltex in 2005.

Today, the GS Caltex refinery complex is located on 1,468 acres in Yeosu and is the largest in the Chevron system. In 2016, GSC recorded sales revenue of $23 billion with the capacity to process 790,000 barrels of crude and 95,000 barrels of naphtha per day.

Vintage, aerial view photo of first refinery operation.
Modern, aerial view photo of refinery lights at night.

“GS Caltex has powered the Korean economy by providing jobs and delivering a reliable supply of fuels and petrochemicals to the nation for the past 50 years,” said Jin-Soo Huh, Chairman and CEO of GS Caltex. “We are glad that GS Caltex has evolved over time to become the heart of Asia’s energy industry.”

“The GS Caltex story is a proud testimony to the commitment and collaboration of the GS Caltex and Chevron people who have gone before us,” said Bill Miner, Korea Country Chairman, International Products. “Today, those of us working with the affiliates are dedicated to making the company even greater.”

GS Caltex gas station

GS Caltex has maintained a strong position with Korean motorists for the past 50 years, growing from 72 affiliate stations in 1968 to supplying 25 percent of the market with 2,500 service stations.

Updated: September 2017