Hyundai Oilbank President Moon Jong-bak.

Hyundai Oilbank President Moon Jong-bak was presented with the Order of Industrial Service Merit, Gold Tower for his roles in contributing to expanding the company’s overseas market since he took office.

Moon is one of 760 people who have won diverse government orders and other prizes in recognition for their contribution to boosting exports abroad at the 53rd anniversary of Trade Day, hosted by the Korea International Trade Association at COEX in Samseong-dong, Seoul, on Dec. 5. 

In 1983, he began his career as an employee with the Financial Department of Hyundai Heavy Industries Co. Moon was recognized for his abilities while serving as the head of HHI’s operations in Singapore and China. In 2010, he joined Hyundai Oilbank where he headed the newly inaugurated planning and coordination office, which was tasked with diversifying business portfolios limited to refinery and petroleum products. 

Moon, after one year in office as the head of the Global Division charged with ramping up exports, was praised for boosting petroleum product exports about 152 percent over 2010. In 2014, he was promoted to Hyundai Oilbank president in recognition of his contribution to boosting exports. Moon has since been credited with expanding the number of countries receiving Hyundai Oilbank exports from 24 to 42 and petroleum product export volumes from 41 million barrels to 52 million barrels, contributing to the development of the national economy.

Moon has been praised for successfully completing a project to upgrade refining facilities to achieve an upgrade rate of 39.1 percent, the nation’s highest, and boost exports 3.2 times more than the previous year. Under his stewardship, Hyundai Oilbank established a paraxylene plant, a joint venture with Cosmo of Japan.

In 2014, he was credited with attracting about $350 million by building a lubricant base oil plant, a joint venture with the global oil major Shell. That year, he was applauded for exporting an additional 900,000 tons of petroleum products and additional barrels of lubricant base oil through the establishment of overseas operations and branches, thus boosting exports and contributing to economic development. 

In 2011, Hyundai Oilbank established the so-called “Hyundai Oilbank 1% Sharing Foundation.” funded by donations equivalent to 1 percent of the salaries of almost all executives and staff. The foundation has since been offering funding for the education of 100 elementary students from parentless or low-income families on a monthly basis. The foundation also provides free meals to 210 elderly people from destitute families in a partnership with elderly welfare halls. 

Hyundai Oilbank’s executives and staff have also been spearheading a movement of translating a spirit of sharing into action by providing financial support to those not covered by institutional welfare support. 

About Hyundai Oilbank

Hyundai Oilbank first entered the oil refining market in 1993 when it acquired the nation's first private oil refining company, Kukdong Oil Refining, established in 1964. Hyundai Oilbank has become a market contender by successfully attracting the $500 million investment from IPIC of the UAE in 1999.

Hyundai Oilbank has strived to proactively respond to changes in the energy environment amid the growing instability of the international petroleum market. It has placed great emphasis on management innovation and ethical management so as enhance business transparency and public trust. The company employs cutting-edge facilities, including an ultra-low sulfur diesel and clean fuel plant, in line with the principle of ensuring environmental protection by minimizing pollutant emissions. This will also secure the necessary product quality competitiveness following the opening of the petroleum market, moreover, various environmental protection activities such as the 3R (Reduce, Reuse, Recycle) Campaign, the fry stock project, the installation of under-ground water monitoring systems and numerous voluntary agreements are taking place at the production sites.

Hyundai Oilbank's efforts have earned the company the ISO14001 environmental management certification and the Green Energy Business Award for two consecutive years. The company's commitment to protection the environment was once again noted for the winning of the Korea Gold Tower Industrial Medal for developing the energy saving production process.

A view of Hyundai Oilbank’s plant in Daesan, Chungcheongnam-do. (Photos: Hyundai Oilbank)