GS Caltex Recognized as Korea’s Most Admired Company

GS Caltex (CEO Saehong Hur) has been selected as the No.1 company in the New Energy category of the Korea’s Most Admired Companies survey, organized by Korea Management Association Consulting (KMAC).

The Korea’s Most Admired Companies survey evaluates key attributes required to be a respected company, including innovation capability, shareholder value, employee value, customer value, social value, and brand image. First launched in 2004, the survey marks its 22nd edition this year, with results announced on the 25th.

Notably, the New Energy category was newly introduced in this year’s survey in response to the global shift toward energy transition and carbon reduction. GS Caltex was recognized as the top company in this category for its proactive efforts in expanding lower carbon businesses and leading the transformation of the energy industry paradigm.

GS Caltex CEO Saehong Hur stated, “GS Caltex is committed to becoming a centennial company based on sustainable and profitable growth. Moving forward, we will continue to steadily expand our lower carbon businesses and build a sustainable business portfolio while ensuring a balanced approach to the energy transition.”

GS Caltex has been actively expanding its lower carbon businesses, leveraging the stable growth of its traditional refining and petrochemical businesses. These efforts include initiatives in hydrogen, Carbon Capture, Utilization, and Storage (CCUS), waste plastic recycling, carbon-free steam, and biofuels.

GS Caltex is developing a hydrogen business value chain to ensure the supply of clean hydrogen. In 2023, the company signed a Memorandum of Understanding (MOU) with Korea South-East Power to establish a clean hydrogen value chain in the Yeosu Industrial Complex. Through the planned Yeosu Hydrogen Hub, GS Caltex aims to contribute to reducing carbon emissions in the Yeosu region while securing a stable power supply. In 2024, the company further advanced its hydrogen business by signing a land purchase agreement with Yeosu Gwangyang Port Authority for the Yulchon Integrated Logistics Complex, marking the official launch of the project.

Additionally, the company is advancing its CCUS business as a strategy to reduce CO₂ emissions from hydrogen production. Starting with the signing of a CCUS business agreement with major companies in 2022, GS Caltex is forming a council with major companies in the Yeosu Industrial Complex in 2024 and promoting with local governments to establish the Yeosu CCUS Cluster through public-private collaboration.

GS Caltex is expanding its chemical recycling (CR) and mechanical recycling (MR) businesses to establish a circular economy for plastics. In 2021, the company successfully conducted a demonstration project by using pyrolysis oil derived from CR technology as a feedstock in its refining and petrochemical processes. In 2024, GS Caltex began commercial production and sales of various circular economy products using pyrolysis oil.

GS Caltex is also implementing carbon-free steam solutions to further reduce carbon emissions. By utilizing an idle sulfuric acid plant owned by Namhae Chemical, GS Caltex plans to introduce carbon-free steam into its Yeosu Complex, replacing steam currently generated from LNG.

To align with the evolving global fuel market, GS Caltex is building a biofuel value chain, covering sustainable aviation fuel (SAF), bio-marine fuel (BMF), and white bio businesses. In September 2023, GS Caltex became the first company in Korea to refuel domestic flights with SAF, supplied by Neste, the world’s largest producer of biofuels. A total of six successful demonstration flights were conducted. Furthermore, in September 2024, GS Caltex exported ICAO(International Civil Aviation Organization)-certified CORSIA SAF to Narita Airport in Japan through Itochu Corporation, using Neste’s Neat SAF (100% SAF). In December 2024, the company also began supplying Co-Processed CORSIA SAF to domestic airlines.