Second Vice Minister Moon Jae-do of the Ministry of Trade, Industry and Energy (MOTIE) speaks at a ceremony to officially open KNOC°Øs new building in Ulsan on Dec. 3. 

 Korea National Oil Corp. (KNOC) held a ceremony to open its new building in the reformative city of Ulsan on Dec. 3, renewing its strategy to boost itself as a global energy company. In attendance at its new building were a slew of dignitaries, including Second Vice Minister Moon Jae-do, Vice Speaker Rep. Jeong Kab-yoon of the National Assembly, Rep. Lee Chae-ik, with KNOC President Suh Moon-kyu as the host.  About 400 people attended the ceremony.

In his speech, President Suh said that KNOC will grow to be a leading oil company in the world headquartered in Ulsan, where the oil industry has its roots to make Korea the 95th oil-producing nation in the world “with us having a new mind to continue keep the myth for its successful exploration of oil,” he said. 

 The relocation of KNOC to Ulsan is meant to create an energy cluster to provide the region with a new growth engine by further developing the national energy industry, which will further expand the Creative Economy around the country. In the process, Ulsan’s energy cluster will make it a renowned city around the world. Ulsan will have outstanding oil refining facilities with the petrochemical industry nearby as the center of Korea’s oil industry.

 Ulsan built oil storage facilities in 1980 for the first time in Korea. The city is also the starting point of Korea’s progress as an oil-producing nation with the discovery of the Donghae-1 gas field in 2004.  The city is expected to boost its reputation as an oil hub in Asia to be a global oil logistics center.  KNOC plans to grow together with Ulsan maintaining a balanced growth with the city and its residents.  KNOC’s new building has two underground floors and 23 stories above. It was designed with energy-saving installations, which could cut energy use by as much as 50 percent compared to other buildings, or 1,200 tons of green house gas savings. Such an impressive feat can only be accomplished when a building is constructed with a high-tech environmentally friendly “green construction.”  In the meantime, KNOC signed the Head of Agreement with Sinomart, an affiliate of Unipec of China, and Ulsan Harbor Authority to help Ulsan grow to be a leading oil hub in Asia as it is a representative project under the Creative Economy drive pushed by the government.

 KNOC has also signed a contract with the Ulsan National Institute of Science and Technology to set up a base for manpower training, and as the center for the energy industry to help the Ulsan region’s development.  KNOC will endeavor to realize more than energy value in Ulsan, a hub for energy, lead the energy security and economic development, and do its best to further develop the Ulsan region.