Kogas (Korea Gas Corporation)

From Oil4All
(Redirected from Kogas)
Jump to: navigation, search
Type Partially state-owned
Traded as KRX:036460
Founded 1983
Headquarters Seongnam, Gyeonggi, South Korea
Key People Gang Soo Joo (President, CEO)[1]
Revenue KRW 28,493.67 billion (approx US $26.56 billion), 2011.[2]
Net income KRW 174.7 billion (approx US $162.87 million ), 2011.[3]
% change on previous year -36.5%[4]
Total Assets KRW 36,010.5 billion (approx US $33.57 billion), end 2011.[5]
Total Equity KRW 8,043.9 billion (approx US $7.5 billion), end 2011.[6]
Employees 3,026 (Jan 2012)[7]
Website www.kogas.or.kr

Global Snapshot

Korea Gas Corp. (KOGAS) was established in 1983 by the Korean Government, who in 1999 began to privatise the company[8]. Consequently, Kogas is currently shared between the South Korean government, with a 27% stake and the state controlled Korea Electric Power Corporation (KEPCO) with 25%, with the the remaining equity split among local government and institutional investors.[9]

Kogas engages in the production and distribution of natural gas and in 2011 was the world's largest importer of liquefied natural gas (LNG). The company is the sole provider of LNG to the Korea, operating three terminals and a nationwide pipeline network.[10] The company's business scope also includes natural gas exploration and production, with gas field development projects in Myanmar, Canada, Russia, Africa, Australia, Indonesia, Uzbekistan and others in 2011.[11] In May 2010 Kogas revised its Articles of Association and reported plans to enter into the new business of exploration, production and sales of crude oil, mainly targeting Iraq.[12]

Company Report Highlights

The Kogas 2010 Annual Report[13] notes that competition among countries for energy security is intensifying with each year. Kogas is said to be actively contributing to the nation's goal of becoming an 'energy powerhouse'.

Net income for 2010 fell for the second year in a row, dropping 13.4% from 2009 figures, however sales rose 16.6% on the previous year after falling between 2008-9.

With a goal of becoming a leading global energy enterprise, Kogas will focus on overseas resource development projects, as well as on its mid- and downstream businesses. The company landed Exploration and Production (E&P) projects in Zubair, Badr, Mansuriya, and Akkas of Iraq, as well as mining blocks in Myanmar, Mozambique and Indonesia.

As part of the 'Kogas Vision 2017' plan, the company has set a natural gas self-sufficiency goal of 25%. A stable supply of natural gas is deemed a top priority business objective.

Official Accreditations and Global Perceptions

EITI Supporter Status

As of December 2011, Kogas was not an EITI supporter company.

UN Global Compact

As of December 2011, Kogas was not a participant in the UN Global Compact.

CSR Review

On the Kogas official website, the following achievements in corporate responsibility are highlighted:

  • The year 2004 was designated as the starting point for 'enterprise-wide ethical management', the ultimate goal of which is to transform the company into a 'clean energy supplier'. This is intended to 'go beyond simple rhetoric' and result in greater transparency and fairness. The company 'Code of Ethics' has the following 4 missions: to firmly establish a framework for practicing ethical management in the workplace; to act responsibly when dealing with other Kogas workers; to fulfil duties and obligations to shareholders and customers; to fulfil obligations to the community and nation as a whole.[14]
  • In 1999 Kogas launched Cheongyeon Service Corps, a body dedicated to organized social service activities. The Volunteer Service Corps in 2007 had 4,207 participants.
  • Kogas was selected as the best company in gas sector on the Dow Jones Sustainability Index Korea for two consecutive years as a result of its diversified evaluation on financials, social contribution, environmental and corporate governance.
  • The company established the Blue Sky project agreement, building on a previous 'clean air campaign', which is to monitor air pollution in 120 locations in the Daejeon area on a continual basis. Photovoltaic generators will also be installed in childrens' libraries, with the aim of passing down 'blue skies' to future generations.[15]

Global Operations by Country

Iraq

Main article: Kogas Operations in Iraq

References

  1. "Korea Gas Corporation", Reuters
  2. "Consolidated Financial Statements", Kogas, retrieved 19 December 2012.
  3. "Consolidated Financial Statements", Kogas, retrieved 19 December 2012.
  4. "Consolidated Financial Statements", Kogas, retrieved 19 December 2012.
  5. "Consolidated Financial Statements", Kogas, retrieved 19 December 2012.
  6. "Consolidated Financial Statements", Kogas, retrieved 19 December 2012.
  7. "Our Profile" Kogas, retrieved 19 December 2012.
  8. Energy profile of South Korea, Encyclopedia of Earth, 20 Septebmer 2007.
  9. "| South Korea Profile ", US Energy Information Administration, June 2007
  10. "Korea Gas Corporation", Hoovers, retrieved 15 December 2011.
  11. "Korea Gas Corporation", Reuters, retrieved 15 December 2011.
  12. "KOGAS to Embark on Iraq Oil Business", Korea Times, 3 May 2010.
  13. "Annual Report 2010", Kogas, retrieved 15 December 2011.
  14. "Ethical Management", Kogas, retrieved 15 December 2011.
  15. "EHS", Kogas, retrieved 15 December 2011.

<analytics uacct=UA-29349823-1 ></analytics>