Korea National Oil Corporation (KNOC) said on the 5th that former Korea Petroleum Quality & Distribution Authority (K-Petro) Chairman Son Ju-seok has taken office as the new president. Son held an inauguration ceremony at 10 a.m. at KNOC headquarters in the Ulsan Innovation City and began his official duties.
In his inaugural address, Son said, "At a grave time of rapidly changing circumstances in the Middle East, I feel a heavy responsibility in taking office as president of Korea National Oil Corporation (KNOC), which is responsible for Korea's energy security," and added, "I will make the faithful fulfillment of our core mission of energy security the top priority of management."
Son went on, "Through qualitative advancement of the oil development business, we will raise our technological and economic competitiveness to a global level," and added, "For new oil development projects, we will conduct a comprehensive assessment of domestic import feasibility, profitability, and the potential for CCS linkage to identify exploration assets focused on strategic regions." He added, "As for the Gwanggaeto Project and, as part of it, the deepwater gas field exploration in the East Sea, we will proceed in the optimal direction in line with government policy, following objective feasibility verification and transparent communication with stakeholders."
Son also emphasized that he would work to restore financial soundness. KNOC's assets are 20 trillion won and liabilities are 21 trillion won, leaving it with negative equity. Son said, "We will boldly dispose of high-cost, low-revenue assets and strategically restructure our asset portfolio," and added, "By concentrating limited resources on core strategic businesses, this will be a process of 'selection and concentration' to maximize the corporation's value. We will regain the public's trust by reducing debt and improving cash flow, and become a strong organization with self-sustaining capacity."
Born in 1960, Son graduated from Jeonju High School and majored in political science and international relations at Kyunghee University. He served as chairman of the Korea Environment Corporation (K-eco) from 2006 to 2008 and as chairman of the Korea Petroleum Quality & Distribution Authority (K-Petro) from 2018 to 2021. From 2001 to 2002, he was head of administrative support for the election committee of Roh Moo-hyun, the candidate in the 16th presidential election. From 2008 to 2009, he was the Democratic Party's district head for Sosa-gu, Bucheon. From 2010 to 2013, he was an advisor in the civil engineering and environment division at Hanwha Engineering & Construction.
Meanwhile, former President Kim Dong-seop resigned midterm in Nov. last year, taking responsibility for controversy over the Blue Whale project.