Gas Corporation "Transforming into a Global Eco-Friendly Company"

Declaration of 'Second Founding' at 37th Anniversary Ceremony... "Securing Leadership in the Future Energy Market"

Cha Hee-bong, President of Korea Gas Corporation, delivering a commemorative speech at the 37th anniversary ceremony. (Photo by Korea Gas Corporation)

[Asia Economy Reporter Moon Chaeseok]

"We declare a second founding to secure leadership in the future energy market."

On the 18th, Korea Gas Corporation announced this at its 37th anniversary ceremony. The corporation aims to boldly shift its business paradigm to become a global eco-friendly energy company.

Specifically, it plans to ▲shift its business structure from supply-centered to demand development-centered ▲build a stable business portfolio including not only natural gas but also hydrogen.

On this day, the corporation announced that it will actively pursue four practical tasks to lead the energy transition and secure leadership in the future energy market.

First, it will transform into a hydrogen-based eco-friendly new energy company based on its hydrogen business. It will completely change its identity as a fossil fuel-based resource development company.

Since the inauguration of President Chae Hee-bong in July last year, the corporation expanded and reorganized its hydrogen-dedicated organization to the level of a 'department.' Externally, it was selected by the government as the dedicated agency for hydrogen distribution. President Chae was appointed as a private member of the Hydrogen Economy Committee, gaining opportunities to participate in hydrogen policy discussions.

It has established a cooperative relationship with Hyundai Motor Group to build a converged hydrogen charging station. Through on-site and off-site charging stations and the establishment of key production bases, it is building a hydrogen network.

It plans to announce a 'Green New Deal Vision' to transform into an eco-friendly hydrogen company, promote large-scale green hydrogen production through collaboration with global companies, and introduce it domestically.

Additionally, leveraging 37 years of natural gas expertise, it plans to create new revenue models by converging green energy businesses.

It intends to concretize business models in liquefied natural gas (LNG) bunkering, LNG cargo trucks, and LNG cold energy businesses to increase corporate value. These are emerging businesses with significant synergy effects with the natural gas industry and align with eco-friendly policies.

Based on visible achievements in the 'Vietnam Gas to Power project,' which has been a focus since President Chae's appointment, it plans to lead the overseas market entry of domestic companies by providing integrated services such as LNG procurement, plant construction, and operation. Through this, it will transform into a 'comprehensive energy solution company.'

Furthermore, it will reorganize overseas businesses to ensure stable profits. By adjusting the project portfolio, it will minimize business risks.

In the low oil price situation caused by the COVID-19 pandemic, it plans to discover and actively acquire high-quality overseas assets to increase the value of overseas assets.

Through this, it aims to fulfill its public enterprise mission by lowering the import cost of natural gas introduced domestically and supplying stable and affordable natural gas.

It will activate customer demand-centered marketing and prioritize safe facility operation to ensure uninterrupted natural gas supply.

The corporation stated that it is establishing an individual tariff system and is making progress in contracts of considerable scale under this system.

Moreover, it plans to build long-term cooperative relationships by supplying affordable natural gas to customers and providing services tailored to demand to build trust.

It also plans to promote digital transformation. This includes establishing an intelligent facility system by integrating new technologies such as big data and artificial intelligence (AI) in efficient facility operation, safety culture establishment, and facility operation fields.

In his commemorative speech, President Chae said, "We plan to establish the 'KOGAS 2030 Vision' reflecting all the tasks. We will move beyond the traditional LNG business to pursue eco-friendly energy businesses such as hydrogen and converged businesses, making the corporation stronger and more future-oriented."

This content was produced with the assistance of AI translation services.