Kim Dong-seop, Professor at Ulsan National Institute of Science and Technology, Appointed President of Korea National Oil Corporation

[Sejong=Asia Economy Reporter Kwon Haeyoung] It has been reported that Kim Dongseop, a professor at Ulsan National Institute of Science and Technology (UNIST), will be appointed as the new president of Korea National Oil Corporation.

According to related ministries and the industry on the 8th, Professor Kim received a recommendation from the executive recommendation committee and the government public institution management committee, and was nominated by the Minister of Trade, Industry and Energy. It is said that he will be finally appointed after the president's approval, possibly as early as this week.

Professor Kim graduated from Seoul National University (Naval Architecture and Ocean Engineering) and earned his Ph.D. from Ohio State University in the United States. He is an expert in oil development who has worked for over 20 years at the global company Shell. In 2009, he moved to SK Innovation, where he served as the head of the Technology Institute and Chief Technology Officer (CTO).

Korea National Oil Corporation fell into a state of capital erosion with debts exceeding 18 trillion won at the end of last year due to failures in overseas resource development. Establishing a financial structure improvement plan to resolve capital erosion and a business structure reform strategy that does not rely on oil prices are urgent tasks.

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