GS Caltex said on the 10th that it was selected as the No. 1 corporations in the New Energy institutional sector in the survey of "the most respected corporations in Korea," organized by Korea Management Association Consulting (KMAC).
The most respected corporations in Korea survey evaluates core values required to become a respected corporations—such as innovation capability, shareholder value, employee value, customer value, social value and image value—and releases the No. 1 corporations by industry. The survey began in 2004 and marks its 23rd edition this year.
Among the industry-by-industry surveys, the New Energy institutional sector has been selected since last year in line with global key issues of energy transition and carbon reduction. GS Caltex was recognized for proactively responding to energy transition and carbon reduction by expanding low-carbon new businesses, and was selected as the No. 1 corporations in the New Energy institutional sector for the second consecutive year.
GS Caltex has expanded low-carbon new businesses, including hydrogen, carbon capture and storage (CCS), waste plastic recycling, carbon-free steam and renewable energy, and biofuels, based on stable growth in its existing refining and petrochemical businesses.
GS Caltex is building a hydrogen business value chain to supply clean hydrogen. GS Caltex signed a business agreement in 2023 with Korea South-East Power Co. (KOEN) to build a clean hydrogen value chain in the Yeosu industrial complex, and in 2024 secured a business site through a purchase contract for the YulChon convergence logistics complex with Yeosu Gwangyang Port Authority (YGPA), pushing the project in earnest.
It is also developing a CCS business as a measure to reduce carbon dioxide emissions. Starting with the signing of a CCS business agreement with major corporations in 2022, from 2024 it has formed a consultative body with major corporations within the Yeosu industrial complex and, together with local governments, is promoting public-private cooperation to build the "Yeosu CCUS cluster."
In addition, to build a plastic circular economy, it is expanding businesses in chemical recycling (CR) and mechanical recycling (MR) of waste plastics. In particular, in 2021 it succeeded in a demonstration project to produce resource-circulating products by feeding pyrolysis oil produced through CR technology as a feedstock for refining and petrochemical processes, and in 2024 it began producing and selling various resource-circulating products through the introduction of pyrolysis oil.
GS Caltex is also pushing projects to reduce carbon emissions by introducing carbon-free energy sources. In 2025, it will sign a contract with Namhae Chemical for the introduction and supply of carbon-free steam, and by building new investment facilities, from 2027 it plans to introduce carbon-free steam produced by utilizing Namhae Chemical's idle sulfuric acid plant to the GS Caltex Yeosu plant, replacing existing liquefied natural gas (LNG) feedstock steam.
It also signed a power purchase agreement (PPA) to directly procure renewable energy generated from a 120-megawatt (MW) solar power plant in Dangjin, South Chungcheong, and has been using it at the Yeosu plant since Feb.
Hur Sae-hong, vice chair of GS Caltex, said, "The transition to a low-carbon industry to respond to climate change is one of the major challenges facing our industry," adding, "GS Caltex will continue to expand low-carbon new businesses and, based on sustainable and profitable growth, will leap toward becoming a respected 100-year corporations."