In inaugural speech to kicks off 3-year term, he pledges to achieve national energy objectives thru expanded natural gas supply key issue he stresses
President Chae Hee-bong of Korea Gas Corp. is all smiles with the bouguet of flowers given to him by staff during an inauguration ceremony. (Photo:KOGAS)
President Chae Hee-bong took office as the 17th CEO of Korea Gas Corp. in a ceremony held at the International Conference Room of the company’s head office in Daegu on July 10.
The new CEO said in his inaugural speech before some 900 key execs, staff and guests at the ceremony that clean and safe energy is the call of the age and all KOGAS officers and staff should pursue reform and changes to strengthen the energy industry’s global competitive power and achieve the state energy policy targets thru the expansion of natural gas supply.
He declared a number of key issues, including securing price competitiveness for natural gas, attaining a safe and stable supply system, the timely expansion of the supply infrastructure for natural gas including the construction of the 5th production base and strengthening the safety of the installations that need to be maintained for long time.
The new CEO, an economics graduate of Yonsei University, stressed the company should not hesitate to make preemptive investments in all areas of the hydrogen economy’s value chain and help lead the growth of new businesses in the energy sector, such as the bunkering facilities for LNG, turning LNG as fuel for cargo transportation equipment to take care of the problems for future energy preemptively in a bid to boost KOGAS market value.
The veteran public servant also called for mutual survival with venture firms and startups, helping to spur local economies and setting up the means to boost inter-Korean exchanges with natural gas, among others.
What is needed the most is a reform in ways to help solve the pending problems that lay ahead in various tasks for the company, the settlement of the consciousness in the mind of every officer and staff for cleanliness and ethics, driving out dishonesty and corruption, the setup of labor-management relations thru mutual communication, and securing a global-level professionalism by maximizing the roles of the employees and organization as those among the agenda.
President Chae, a former director of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, also served as the Industrial Policy Secretary at the Presidential Office. He joined the MOTIE after passing the 32nd Public Civil Service Examination and his current term as the CEO of KOGAS extends for 3 years from July 9.
Today, KOGAS is involved in a number of exploration, development, and production projects around the world in a bid to make Korea’s already stable supply of gas energy greater than ever before. We are able to achieve all these remarkable feats as a result of KOGAS employees’ tireless passion and commitment. We always strive to meet high expectations as one of the nation’s leading energy companies, said President Chae Hee-bong.
Towards Energy Equality
KOGAS contributes to a higher quality of life in Korea through the safe and stable supply of natural gas with its pipeline network that spans to over 4,824 km.
KOGAS plays an important role not only in the economic growth of Korea and the country’s balanced growth, but also in the heightened public welfare and the preparation of a long-term stable supply of natural gas. Based on the sound analysis and forecasts related to market demand trends, we purchase natural gas from diversified procurement lines for immediate use, while allocating a certain amount in reserve for emergencies.
In the future, KOGAS says it will continue to proactively develop its natural gas supply plans in line with Korea’s energy master plan for the stable production, storage, and supply of energy to the nation.
Korea announced on July 10 that it has issued sustainable bonds worth $500 million. This marked the first time that KOGAS issued sustainable bonds.
KOGAS became the first state-run corporation to issue 10-year environmental, social and governance (ESG) bonds. ESG bonds are issued to finance eco-friendly or social value creation projects, and sustainable bonds are a type of ESG bonds.
“Amid growing uncertainties at home and abroad due to the U.S.-China trade dispute, KOGAS held strategic road shows in Hong Kong, Singapore, London, and New York to enhance investors’ awareness of its role as a representative energy corporation in Korea.
We publicized our roles in supporting the government’s green energy policies, which received a favorable response from investors.” a KOGAS official said. A total of 136 institutional investors placed orders worth 5.6 times the amount of the public offering.
By region, Asian investors accounted for 50 percent, U.S. investors 32 percent and European and Middle East investors 18 percent. Many of them were professional investors in the sustainability sector.