GS Caltex to expand ties with China’s Shandong

GS Caltex and China’s Shandong Province have agreed to further expand their business and cultural cooperation.

According to the nation’s second-largest oil refiner, its chairman Hur Dong-soo and Shandong Province governor Jiang Daming held a meeting for a strategic partnership as a delegation from the Chinese province visited the GS Caltex plant in Yeosu, South Jeolla Province, on Thursday.

“I appreciated the achievements we have made over the past 10 years in China under a strong partnership with Shandong province. We will continue investment for our shared growth,” said Hur in a welcoming speech. 

GS Caltex chairman Hur Dong-soo (left) and China’s Shandong Province governor Jiang Daming pose at the oil refiner’s plant in Yeosu, South Jeolla Province, on Thursday. (GS Caltex)

Thanks to their cultural and geographical intimacy, Shandong and Korea have maintained a close relationship since the late 1980s, with more than half the Korean firms in China based in the coastal province in eastern China.

Starting with the completion of its aromatics plant Qingdao Lidong Chemical in 2003 there, GS Caltex has also carried out diverse projects in the fields of oil distribution and logistics in Shandong.

The oil refiner is currently operating nine GS Caltex gas stations in the province since it inked a memorandum of understanding with the local government for a business partnership in 2007.

Following the second MOU on green growth in 2010, they have also teamed up on environment-friendly projects such as biomass electricity generation, production of cathode material for rechargeable batteries and plasma renewable energy.

In 2010, the GS Caltex chairman Hur was named “business advisor” for the province, an honorary post given to foreign nationals who contribute to the economic development of Shandong.

By Lee Ji-yoon (jylee@heraldcorp.com)