Korea-UAE: Expanding a global footprint in power, gas and LNG terminal businesses
In conversation with Sangwon Lee, General Manager, GS E&P PTE
Please share a background on GS Energy’s tie up with ADNOC with regard to the Onshore Concession agreement and what this entails for UAE-Korea bilateral cooperation.
GS Energy has been maintaining strong partership with ADNOC through its subsidiary, GS Caltex, as a buyer of Murban crude oil. With our long-term partnership, GS Energy acquired 3 per cent interest in ADNOC Onshore Concession through Korea GS E&P PTE in 2015 and established a strong foundation to further enhance our relationship into various energy-related business areas.
As a global leader in alternative energy solutions, how is GS Energy innovating to keep its technology on the cutting edge and remain relevant in a sector that’s constantly evolving?
GS Energy is an intermediary shareholding company established in 2012 by GS Group to focus on future energy related business. Since its establishment, GS Energy has achieved remarkable growth through participation of ADNOC Onshore and Al Dhafra Concessions, as well as other energy businesses including power, LNG, petrochemicals and solar power both at home and abroad. In line with rapidly changing energy trends, the company is actively acquiring and constantly striving to discover new technologies through joint ventures and various initiatives that prompt business cooperation.
Please share some details on the global acquisitions that GS Energy has made.
Recently, GS Energy acquired shares of a petrochemical company in Korea to enhance its business portfolio for petrochemical business in North America. In addition, the Company continues to expand its global footprint by seeking opportunities as an independent power producer in Southease Asia as well as LNG upstream and other new energy businesses in preparation for the Fourth Industrial Revolution.
How is GS Energy helping accentuate and grow bilateral ties between Korea and the UAE in terms of mutual cooperation in the energy sector for the long term?
As the first ever private company in Korea to participate in energy upstream business in the UAE, GS Energy is expanding its global presence in power, gas and LNG terminal businesses. In particular GS Energy, as a special strategic partner of the UAE, has many aspirations to expand business cooperation in various energy related businesses. As envisioning success in the energy business requires strategic partnerships with a long-term perspective, GS Energy will strive to create a win-win opportunity based on the 40-year relationship between the two great countries.
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