KOGAS President Cheong Seung-il announces the long-term management plan, dubbed “KOGAS 2025” in celebration of the 35th anniversary of the establishment of the corporation on Aug. 17.
KOGAS President Cheong Seung-il (Photos: KOGAS)
Korea Gas Corp. (KOGAS) decided to appropriate 10 trillion won by 2025 to create 90,000 jobs.
KOGAS President Cheong Seung-il unveiled the long-term management plan, dubbed “KOGAS 2025,” in celebration of the 35th anniversary of the establishment of the corporation on Aug. 17.
The plan calls for achieving the following management goals — lowering LNG supply unit price by 6 trillion won by 2025, expanding demand for natural liquefied gas by 7 million tons, creating 90,000 jobs, and making it to the 1st class category of integrity.
KOGAS will pour 6 trillion won to expand LNG storage capacity and introduce a facility operation method using the technologies of the 4th Industrial Revolution.
The corporation plans to lower LNG supply unit price by 6 trillion won. It plans to renegotiate the existing contracts to lower LNG purchase prices and overhaul the price contract structure by ramping up cooperation among LNG purchasing countries in East Asia.
The corporation also plans to pour 1 trillion won into projects to convert them to eco-friendly fuels. KOGAS will focus investments on fuel cells, LNG bunkering, LNG trucks, hydrogen charging stations and distribution centers. In this regard, the corporation plans to create the new demand in the natural gas sector by 2 million tons. It also plans to nurture 200 innovative and SME companies in the natural gas sector by 2020.
A KOGAS official said 70,000 jobs will b e created by nurturing SMEs.
KOGAS is accelerating efforts to substantiate the sagging overseas business. The corporation plans to dispose of money-losing overseas businesses while plunking down 3 trillion won to invest new, high profit-taking projects. KOGAS plans to raise productivity in importing natural gas from current 13 percent to 25 percent while boosting the rate of return on investment from less than 30 percent to 70 percent. The step will help the corporation create 20,000 jobs in the overseas business sector.
KOGAS President Cheong said, “(KOGAS) will strive to be a global leader by demonstrating a challenging spirit and intensified execution capacity rather than settling for the present.”
KOGAS, was incorporated by the Korean government in 1983. Since its founding, it has grown to become the world's largest LNG importer. As the nation's sole LNG provider, the Corporation is fully committed to providing clean, safe and convenient energy to the people of Korea. In keeping with this mission, KOGAS currently operates four LNG terminals and a nationwide pipeline network spanning over 4,824 km in order to ensure stable supply for the nation.
KOGAS imports LNG from around the world and supplies it to power generation plants, gas-utility companies and city gas companies throughout the country. It produces and supplies natural gas, purifies and sells gas-related by-products, builds and operates production facilities and distribution network, and explores, imports and exports natural gas for domestic and overseas markets.
KOGAS received the sovereign credit rating of A1 and A, the highest credit rating ever given to a Korean company by the Moody's and S&P. On the foundation of its accumulated experience and expertise, the Corporation is actively developing new technologies, expanding the scope of businesses, and participating in foreign projects in our efforts to realize our goal of becoming a leading integrated energy company in the world.