Published 24th September, 2012
Korea's second-largest refiner to expand its presence in the world's largest energy market.
GS Caltex China, a wholly owned subsidiary based in Beijing, will help the Korean energy giant “sharpen its competitive edge” in the Chinese oil market and will be in charge of Galtex's lubricants, petroleum and other petrochemicals across the country.
After first opening a regional office in Beijing 2007 and a Shanghai office in June this year, the company now has a wholly foreign-owned enterprise in China.
GS Caltex sees China as a key growth market and is expected to make an estimated 1.2 trillion won ($1.1 billion) of sales this year. Unlisted GS Caltex is an equal joint venture between GS Holdings Corp of South Korea and Cheveron Corp, the U.S.'s second-largest oil company.