Kim Dong-seop, President of Korea National Oil Corporation, "Overcoming Crisis to Become a Trusted Company"

[Sejong=Asia Economy Reporter Kwon Haeyoung] Kim Dongseop, the new president of Korea National Oil Corporation, expressed his ambition on the 8th, saying, "I will create a company that overcomes crises, earns the trust of the people, and becomes a global model."

At the inauguration ceremony held at the Ulsan headquarters of the Oil Corporation on the same day, President Kim said, "If we unite our capabilities in the same direction, I am confident that we can overcome the crisis and achieve greater success."

The Oil Corporation fell into a state of capital erosion with debts exceeding 18 trillion won at the end of last year due to the fallout from failures in overseas resource development. Improving the financial structure to resolve capital erosion and restructuring the business model dependent on oil prices are urgent tasks.

Regarding the business direction to be focused on, President Kim emphasized, "We will efficiently manage and supervise overseas projects to maximize profits, rigorously review the portfolio, and strategically sell non-core assets. We will concentrate on securing the corporation's financial soundness through strengthening the management capabilities of reserve assets and improving the financial structure via trading."

Furthermore, President Kim stated, "In response to the nation's demands, we will promote the excellence of oil development projects and strive to optimize the oil reserve business so that the corporation's core role of 'energy resource security' remains unwavering."

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