Korea'sfirst private-sector oil refiner GS Caltex is set to celebrate its 50thanniversary since founding on May 19.
Thecompany, which achieved a record-breaking operating profit of more than 2trillion won last year, is pushing for the production of bio butanol which isknown as a future fuel, and the expansion of new energy businesses.
OnMay 18, one day before the foundation anniversary, GS Caltex will host acommemorative ceremony at the Amoris Hall of GS Tower in Seoul's Gangnam, whichwill be attended by its 500-or-so employees.
GSCaltex was founded on May 19, 1967 as Honam Oil Refinery, a 50:50 joint ventureestablished by Rakhee Chemical Industry (currently LG Chem) and Caltex, asubsidiary of Chevron.
HonamOil Refinery changed its name to LG Caltex in 1996 and to GS Caltex in 2005when GS Group was inaugurated. GS Caltex's daily oil-refining capacity rosefrom 60,000 barrels in 1969 to 790,000 barrels today, with its annual salesrising from 11.4 billion won to 25.77 trillion won.