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GS Caltex Corporation (Korean: 지에스칼텍스 주식회사) is a South Korean Energy and Chemical company jointly owned by Chevron and GS Group. The company was founded in partnership with Caltex in May 1967 as the first private oil company in Korea.[1][2][3] The company changed its name from LG-Caltex Oil Corporation to GS Caltex Corporation in 2005 as part of the GS Group split from LG Corporation.[4]

Key Information

By 2009, exports accounted for 54 percent of GS Caltex's sales.[5] The company exports petroleum, petrochemical, and lubricant products to 57 countries (as of 2022).[citation needed]

Production base

[edit]
  • Yeosu Complex
    • Total Area : 6,000,000 m2
    • Products : Petroleum, petrochemicals
    • Address : 918 Yeosusandan-ro, Yeosu, Jeollanam-do[6]
  • Lubricant Plant
    • Total Area : 68,100 m2
    • Products : Lubricant, Grease
    • Address : Jungbong-daero, Seo-gu, Incheon

Business domain

[edit]
  • Petroleum: GS Caltex has a daily production capacity of 800,000 barrels (130,000 m3) per stream day. The company operate Korea's largest heavy oil upgrading (HOU) facility (274,000 barrels per day), which produces light oil and premium gasoline. It imports 80 types of crudeoil from around 30 countries including those in the Middle East, Southeast Asia, Europe in addition to the United States and Australia.[7]
  • Petrochemicals: GS Caltex constructed a polypropylene plant in 1988. That was followed by expansion into the aromatics business in 1990. Currently, GS Caltex has an annual production capacity of 2.8 million tons of aromatics and 180,000 tons of polypropylene. Constructing an Olefins plant (MFC - mixed feed cracker) on the 430,000 m2 site near the Yeosu No.2 Complex. The plant has an annual production capacity of 750,000 tons of ethylene and 500,000 tons of polyethylene.
  • Base Oil & Lubricants: In November 2007, GS Caltex began base oil production with a capacity of 16,000 barrels (2,500 m3) per stream day. As of 2011, its production capacity reached 26,000 barrels (4,100 m3) per stream day; GS Caltex exports more than 70% of its total base oil production. GS Caltex produces 9,000 barrels (1,400 m3) of lubricants per day and 8,000 million tonne per year of grease products. In 2005, GS Caltex launched its own lubricant brand, "Kixx". Initially focused on providing engine oil tailored for passenger cars, commercial vehicles, and motorcycles, Kixx expanded its portfolio in 2017 to encompass a broader range of automotive and industrial lubricant solutions.

See also

[edit]

References

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GS Caltex

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from Grokipedia
GS Caltex Corporation is a major South Korean and chemical company specializing in refining, production, and manufacturing, jointly owned by Chevron (50%) and (50%). Founded in 1967 as Honam Oil Refinery Co., Ltd., the company has grown into one of South Korea's largest refiners, operating one of the world's largest single-site refineries in with a crude processing capacity of 800,000 barrels per day. It supplies approximately one-third of South Korea's needs and exports over 60% of its products internationally. Headquartered in , GS Caltex employs around 3,242 people and reported revenues of $37.2 billion in 2023. The company maintains an extensive domestic network of approximately 2,500 service stations and 400 LPG filling stations, capturing about 25% of South Korea's fuel market share. Its product portfolio includes high-quality petroleum products such as and diesel, petrochemicals like 2.8 million metric tons of aromatics and 180,000 tons of annually, and specialty lubricants under the Kixx brand for automotive and industrial applications. Since 2004, GS Caltex has invested $4.6 billion in upgrading its heavy oil facilities to enhance efficiency and product quality, while committing to sustainability initiatives, including carbon neutrality agreements and circular economy practices.

History

Founding and Early Development

GS Caltex was established in May 1967 as Honam Oil Refinery Co. Ltd., marking South Korea's first private oil refining venture. It originated as a 50-50 joint venture between Caltex—then a partnership of Chevron and Texaco—and Lucky-Goldstar Oil, the predecessor to the LG Group, with headquarters in Seoul. This collaboration leveraged Caltex's international expertise in petroleum refining to support South Korea's rapid post-Korean War industrialization, which demanded reliable domestic fuel supplies for economic reconstruction and growth. The company's initial operations centered on oil refining, commencing with the construction of a in , . The facility began production in with an initial capacity of 60,000 barrels per day, focusing on processing crude oil into essential products like , diesel, and to fuel the nation's burgeoning and transportation sectors. This setup addressed the acute energy shortages of the era, enabling to reduce reliance on imported finished fuels and integrate refining into its heavy industry push. The 1970s presented significant challenges due to the global oil crises of 1973 and , which disrupted supply chains and spiked prices, straining South Korea's import-dependent economy. Oil Refinery adapted by prioritizing expansions to bolster domestic refining capabilities and secure diverse crude imports. Between 1970 and 1981, the plant underwent four major expansions, increasing its throughput and enhancing supply chain resilience through strengthened international sourcing networks. These measures aligned with national policies to mitigate vulnerabilities during the shocks, allowing the company to maintain steady production amid volatility. During the and , Oil —renamed LG-Caltex Oil Corporation in 1996—experienced robust growth, evolving from a domestic supplier to a more technologically advanced operator. The company invested in upgrades and diversified into , constructing a polypropylene plant in 1988 and expanding into aromatics production in 1990, which improved product yields and . These developments fostered greater self-sufficiency in processes through localized adoption and capacity enhancements, culminating in exports of and products to Asian markets by the late . This phase solidified its role in South Korea's energy sector, with output scaling significantly to meet rising demand.

Key Milestones and Expansion

In 2005, following the split of from , the company was renamed from LG-Caltex Oil Corporation to GS Caltex Corporation, marking a significant corporate restructuring that aligned it with the newly independent GS Holdings as its flagship entity. This change reflected the broader of GS affiliates from , enabling focused growth in energy sectors while maintaining its partnership with Chevron. A key expansion milestone occurred in 2009 with the completion of a major heavy oil upgrading (HOU) facility at the refinery complex, which contributed to the company's total HOU capacity reaching 274,000 barrels per day by the . This upgrade enhanced efficiency and competitiveness amid fluctuating global oil markets. In 2017, GS Caltex celebrated its 50th anniversary, underscoring its evolution into a major exporter, with over 50 percent of its products shipped to more than 20 countries, driven by investments in production capabilities. Further growth in the included the commissioning of a new mixed feed cracker (MFC) plant at , adding 750,000 tons per year of production capacity alongside derivatives like and , diversifying into advanced . On the international front, GS Caltex established GS Caltex Private Limited as a wholly-owned in 2010 to expand lubricants and marketing in , building on its 2007 initiation of domestic production. The company also entered markets in the early , launching bio-marine gasoil in in 2023 and advancing a 500,000 metric tons per year refinery in set for operations in 2025.

Ownership and Governance

Ownership Structure

GS Caltex operates as a with a 50-50 ownership split between GS Energy Corporation, a wholly owned of GS Holdings (part of the in ), and (USA), a structure that has remained unchanged since its establishment in 1967. This equal equity distribution ensures balanced influence from both partners. The , as the Korean partner through GS Holdings and GS Energy, contributes local market expertise, infrastructure integration, and strategic alignment with South Korea's sector needs, facilitating efficient operations within the domestic and distribution landscape. GS Energy's role includes overseeing -related activities and providing operational support, which has been integral to the company's growth as South Korea's second-largest firm. Chevron, in turn, brings global technology, technical assistance, and access to international supply networks, including crude oil and inventory supply agreements that enhance GS Caltex's production capabilities. This partnership leverages Chevron's worldwide expertise in and , supporting innovations in and product quality while maintaining . Governance at GS Caltex reflects the model through a board of 9 to 10 directors, with five appointed by each partner, requiring a two-thirds majority for key resolutions and ensuring joint oversight. This structure promotes alignment with the strategic objectives of both GS Holdings and Chevron, including audit, accountability, and procurement committees that facilitate collaborative decision-making.

Leadership and Management

As of November 2025, Hur Sae-hong serves as the President and CEO of GS Caltex, a position he has held since 2019. A member of the GS Group's fourth generation, Hur holds an MBA from and brings extensive international experience in the energy sector, including roles at Chevron in the United States and IBM Global Services. His background at Chevron, a major player in global energy, has equipped him with deep expertise in initiatives, as evidenced by his in GS Caltex's advancements in carbon capture, biofuel-powered shipping collaborations, and carbon-free steam supply agreements. The Board of Directors at GS Caltex comprises 10 members, with an equal mix of five representatives appointed by GS Energy and five by Chevron, reflecting the company's 50-50 ownership structure. This balanced composition ensures strategic alignment between the Korean conglomerate's operational focus and Chevron's global energy perspective, with the board overseeing key areas such as audit, risk management, and through dedicated committees. Hur Sae-hong also chairs the board, providing integrated on matters. GS Caltex's management philosophy centers on creating new value through innovation and sustainable growth, with a strong emphasis on integrating environmental, social, and governance (ESG) principles into core operations since the early 2010s. This approach, aligned with the GS Group's broader vision of ethical management and customer-focused futures, has driven initiatives like digital and AI transformation (DAX) strategies and ESG charters adopted across affiliates in 2022. The philosophy prioritizes long-term competitiveness amid energy transitions, as articulated in annual sustainability reports that highlight commitments to carbon reduction and eco-friendly practices. Notable past leadership includes Jin-Soo Huh, who served as Chairman and CEO until 2022, overseeing significant expansions in refining capacity and international partnerships before transitioning the role to Hur. A key shift occurred during the from LG-Caltex Oil Corporation to GS Caltex Corporation, marking the GS Group's assumption of control following its split from and setting the stage for renewed focus on innovation in Korea's energy sector.

Operations

Refining and Production Facilities

GS Caltex's primary refining and production facilities are centered at the in , , a sprawling site covering 6,000,000 m² established in 1969 with the completion of its first crude distillation unit. This integrated complex combines petroleum refining operations with petrochemical production and power generation capabilities, enabling efficient resource utilization and energy self-sufficiency through systems that support on-site processes. Adjacent to the main complex is the dedicated Lubricant Plant in , spanning 68,100 m² and focused on manufacturing high-quality base oils and finished lubricants. Operational since 2007, this facility produces Group II and III base oils using advanced hydrocracking technology, serving as a key asset for GS Caltex's specialty products division while leveraging synergies with the broader infrastructure. The Yeosu Complex employs core refining processes tailored for handling heavy crude oils, including crude to separate raw into fractions, hydrocracking to break down heavy residues into lighter, higher-value products like diesel and , and to upgrade into high-octane components. These processes, supported by advanced units such as a 60,000 barrels per day residue hydrocracker, enhance the facility's ability to process diverse feedstocks efficiently. To bolster safety and operational reliability, GS Caltex has integrated for at the facilities, utilizing real-time data analysis to monitor equipment conditions, forecast potential failures, and enable proactive interventions that minimize downtime. This AI adoption has expanded to cover over 800,000 assets, achieving prediction accuracies exceeding initial targets and supporting broader efforts across and operations.

Capacity and Infrastructure

GS Caltex operates a total refining capacity of 800,000 barrels per day at its complex, establishing it as South Korea's largest private refinery. In 2025, the company scheduled maintenance at the facility, including a 30-day shutdown of the 330,000 barrels per day crude unit and downstream units starting in late February. The company's production includes an annual capacity of 2.8 million tons of aromatics, such as , , and , along with 180,000 tons of . Supporting this scale, the infrastructure encompasses dedicated pipelines linking the refinery to nearby ports for efficient crude oil imports and product distribution. The complex features on-site power plants with a combined capacity of 1,430 MW to meet operational demands, as well as extensive storage tanks for crude oil and refined products. Efficiency enhancements at the facility include advanced heavy oil upgrading systems, part of ongoing investments exceeding $4.6 billion since , enable the processing of heavier crude feedstocks while maintaining high operational yields.

Business Segments

Petroleum Refining and Marketing

GS Caltex refines a range of products primarily focused on fuels, including , diesel, , and heavy oils, which form the core of its downstream operations. These products meet domestic demand in , where the company supplies approximately one-third of the nation's oil needs as of 2022. The company markets its products through a robust network of over 2,500 GS Caltex-branded service stations across , catering to retail consumers for and diesel. Additionally, GS Caltex engages in (B2B) supplies, delivering and heavy oils to industrial sectors such as , shipping, and . GS Caltex pursues an aggressive export strategy, shipping over 60% of its refined output to more than 57 countries worldwide, with a particular emphasis on markets in and the . This outward orientation intensified since 2009, when exports began comprising over half of the company's sales, driven by the Yeosu refinery's high-efficiency production capabilities. To support its refining activities, GS Caltex maintains a secure supply chain anchored by long-term crude oil import contracts with Chevron, its 50% partner, and established Middle Eastern suppliers such as , from which it has sourced crude since 1969. The facility, with a capacity of 800,000 barrels per day, processes these imports to produce the aforementioned fuels.

Petrochemical Production

GS Caltex produces a range of core products, including , , and (collectively known as BTX aromatics) at an annual capacity of 2.8 million metric tons, which serve as foundational chemicals in the industry. Additionally, the company manufactures at 180,000 tons per year, focusing on high-value variants. These products are derived from byproducts of the refining process at the complex, enabling efficient utilization of refinery outputs. In the 2020s, GS Caltex expanded its petrochemical capabilities with the completion of a mixed feed cracker (MFC) plant in Yeosu, which began operations in 2022 following a $2 billion investment. This facility produces 750,000 tons of ethylene and 500,000 tons of polyethylene annually, alongside 410,000 tons of propylene and other byproducts such as mixed C4 raffinate and pyrolysis gasoline. The MFC processes diverse feedstocks including naphtha and LPG, marking a significant step in diversifying production beyond traditional aromatics. In 2024, the cracker underwent debottlenecking to enhance capacity. These outputs primarily serve as raw materials for manufacturing plastics, synthetic fibers, and resins, with a substantial portion supplied to domestic Korean manufacturers for downstream applications. For instance, BTX aromatics are used in adhesives, plastics, and textile fibers, while finds applications in automotive and parts, food , and textiles. from the MFC supports the production of plastics, synthetic rubbers, building materials, adhesives, and paints, contributing to various industrial sectors in . Technological advancements at GS Caltex emphasize the integration of refinery crackers, such as the MFC's proximity to the , which optimizes feedstock supply and reduces operational costs through streamlined processing. This integration enhances overall efficiency by converting refinery byproducts directly into high-value , minimizing waste and improving economic viability.

Lubricants and Specialty Products

GS Caltex maintains a significant presence in the lubricants sector through its production of high-quality base oils and finished lubricants. The company's base oil facility in Yeosu has a production capacity of 26,000 barrels per day, primarily consisting of API Group II and Group III base oils used in premium lubricant formulations. Approximately 70% of this base oil output is exported to international markets, supporting global supply chains for automotive and industrial applications. Additionally, GS Caltex produces 9,000 barrels per day of finished lubricants at its Incheon blending plant, which also manufactures 8,000 metric tons per year of grease products; this facility is integral to the company's refining and production infrastructure. In 2005, GS Caltex introduced the Kixx brand to consolidate its offerings under a unified identity focused on performance and reliability. Initially centered on oils for passenger cars and commercial vehicles, Kixx expanded in 2017 to encompass industrial oils and greases, such as gear and hydraulic s tailored for heavy machinery. The brand emphasizes synthetic and semi-synthetic formulations that meet stringent international standards, including certifications, positioning Kixx as a leader in Korea's domestic market while driving export growth. GS Caltex's specialty products extend beyond conventional lubricants to include marine fuels and blends, addressing niche demands in maritime and sectors. The company produces bio-marine fuel blends, such as B30 mixtures combining 30% used cooking oil methyl ester with high-sulfur fuel oil, supplied to major shipping operators like Hyundai Merchant Marine for trial voyages. In May 2025, GS Caltex secured (IMO) approval for transporting B30 in general tankers. blends, integrated into these marine offerings, provide renewable alternatives compliant with IMO regulations on emissions. As of July 2025, GS Caltex is nearing completion of a 500,000 metric tons per year refinery in through a with . These specialties enhance GS Caltex's portfolio by targeting environmentally conscious applications without overlapping into bulk petrochemical intermediates. The lubricants and specialty products segment achieves global market reach through exports to over 60 countries, with a strategic emphasis on high-performance synthetic oils that cater to emerging markets in , , and the . Kixx products are distributed via regional subsidiaries and partnerships, enabling the company to capture shares in competitive segments like lubricants and marine cylinder oils. This international expansion underscores GS Caltex's commitment to branded, value-added solutions over commodity volumes.

Sustainability and Innovation

Environmental and Carbon Reduction Efforts

GS Caltex aligns with South Korea's national carbon neutrality framework by 2050, through a structured approach encompassing reduction, replacement, and offset strategies across its operations. The company has established interim targets as part of its broader green transformation roadmap to evolve into a lower-carbon and chemical complex. Key environmental programs at GS Caltex support and are integrated into the company's daily processes at its facilities. These efforts include compliance through long-standing certifications. The company also participates in South Korea's Emissions Trading Scheme (K-ETS) to meet regulatory requirements for large emitters in the sector. The 2024 Sustainability Report highlights progress in on-site adoption, with solar installations across facilities contributing to direct emissions avoidance and enhanced resilience. These initiatives reflect GS Caltex's focus on verifiable mitigation measures while integrating with its refinery operations for optimized environmental outcomes. In November 2025, GS Caltex signed an agreement with Namhae Chemical to supply carbon-free steam, with commercial operations targeted for 2027, expected to reduce approximately 70,000 tons of CO₂ equivalent annually.

Renewable Energy and Future Projects

GS Caltex has conducted trials of sustainable aviation fuel (SAF) in commercial flights since 2023, partnering with to test blends on routes from and analyze performance data to support national fuel standards. The company remains committed to expanding SAF production and commercialization, even amid refining sector losses reported in 2024. In September 2024, GS Caltex became the first South Korean refiner to export ISCC CORSIA-certified SAF at commercial scale, supplying approximately 5,000 kiloliters to Japan's Narita Airport via Corporation. These exports highlight growing international demand for GS Caltex's biofuels in markets. A key future project is the biofuel refinery in Balikpapan, East Kalimantan, Indonesia, developed through a with . Launched in the third quarter of 2025, the facility has an annual capacity of 500,000 metric tons, focusing on palm oil mill effluent () and other palm waste feedstocks to produce SAF, bio-marine fuel, and . This plant represents GS Caltex's strategic push into Southeast Asian production, leveraging local waste resources to meet global sustainable fuel mandates, such as the EU's planned 70% bio-jet blending target by 2050. Beyond SAF, GS Caltex is advancing initiatives, including securing land in 2024 at the Yulchon Convergence Logistics Complex in for a dedicated hydrogen hub to produce and supply clean . The company is also expanding its (EV) charging network nationwide, integrating stations at gas facilities to support carbon credit generation under Verra's program. These efforts align with broader purchases exceeding 100 MW annually, as outlined in the 2024 Sustainability Report. Through its longstanding joint venture with Chevron—established in 1967 and holding a 50% stake—GS Caltex accesses shared expertise in low-carbon technologies, including renewable fuels and hydrogen infrastructure, to drive research and development toward a diversified energy portfolio.

Financial Performance

GS Caltex achieved peak revenue of KRW 58.5 trillion in 2022, driven by strong global oil prices and robust demand for refined products. Revenue in 2023 was KRW 48.6 trillion. In 2024, revenue declined amid weakening refining margins and softer global demand. In the fourth quarter of 2024, the company's petrochemical segment reported an operating loss of 50.2 billion won, exacerbated by oversupply and reduced export volumes. Operating profit trends have shown significant volatility tied to international oil price fluctuations. During the in , GS Caltex recorded an operating loss of 133.3 billion won in the second quarter alone, reflecting sharp drops in demand and crude oil prices. Profits recovered strongly in 2023, supported by increased exports and stabilizing refining margins, contributing to an overall EBITDA of KRW 2.8 trillion for the year. Key influencing factors post-2022 include currency volatility, particularly the weakening against the U.S. dollar, and shifts in global demand patterns amid geopolitical tensions and economic slowdowns. In the third quarter of 2025, GS Caltex reported sales of KRW 11.0 and operating profit of KRW 372 billion, indicating partial recovery in margins.
YearRevenue (KRW trillion)Operating Profit (KRW billion)Key Driver
2020~20.5-133.3 (Q2 loss)COVID-19 demand collapse
202258.5High (record year)Elevated oil prices
202348.6~1,684Export recovery
2024Moderate (decline)Moderate (decline)Refining margin pressure

Key Metrics and Market Position

GS Caltex maintains a financial profile characterized by prudent leverage and consistent profitability in stable market conditions. The company's debt-to-EBITDA ratio is forecasted to remain at 1.4x-1.5x for 2024 and 2025, reflecting ongoing debt reduction efforts that lowered adjusted debt to KRW 4.7 trillion in 2023 from KRW 5.4 trillion the prior year. This leverage level supports operational flexibility amid volatile margins. In stable years, (ROE) has hovered around 8-10%, driven by contributions of approximately KRW 2 trillion annually on a equity base exceeding KRW 20 trillion. This market position was bolstered in 2024 when upgraded its long-term credit rating to BBB+ from BBB, citing strong liquidity with expected operating cash flows exceeding KRW 2 trillion and ample from capped capital expenditures of KRW 600 billion annually. The upgrade underscores GS Caltex's robust and absence of major near-term investments, enhancing its competitive edge in a capital-intensive industry. Compared to peers like and S-Oil, GS Caltex demonstrates superior export orientation, with exports comprising about 60% of its refined product output, facilitated by its private joint-venture structure between GS Holdings and Chevron, which affords greater strategic agility than the more state-influenced or majority-foreign-owned models of competitors. This export focus has enabled higher margins through global sales, particularly in and diesel fuels, where GS Caltex outpaced rivals in U.S. and Asian volumes in 2024. In the first half of 2025, the Korean refining sector recorded operating losses exceeding 1.5 won, primarily from compressed crack spreads and oversupply, though GS Caltex anticipates partial mitigation via government subsidies for sustainable (SAF) production and blending mandates starting in 2027. These incentives, including reductions and direct funding allocations of up to KRW 600 million for SAF adoption, position GS Caltex to leverage its early SAF exports and co-processing capabilities for resilience.

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