Industrial Co., Ltd.
- Petroleum gas division
As the Korean government changed the consumption energy policy
in the 1960s to use oil modulus, Daesung Group established gas
and petroleum division (respectively in 1964 and 1968) to yield
to the national standard and to adapt to the new market conditions.
20 gas stations and 6 gas charge stations operate in Seoul. 19
gas stations and 8 gas charge stations operate in Daegu.
¢À Corporate History
1964.04.00. Foundation of Gas Business Division, Conclusion of
the LPG agency contract for sales with Korea Petroleum Corporation
1968.07.04. Foundation of Petroleum Business Division, Conclusion
of the Petroleum agency contract for sales with LG-CALTEX Oil
1968.10.30. Opening of Daegu branch
1970.03.20. Conclusion of the LPG agency contract for sales LG-CALTEX
1970.10.20. USFK 8th Army and US Embassy (The third gas station)
1974.03.19. Permit for manufacturing alteration for the high-pressure
gas (East charge station)
1979.08.31. Oil tank is placed underground (East charge station)
1980.09.01. Lease contract for car wash (The second gas station)
1982.02.08. Manufacturing permit for the high-pressure gas (Oryudong
1982.08.14. LPG container charge permit(Yeojungbu charge station)
1982.09.24. LPG automobile charge permit (Yeojungbu charge station)
1983.08.27. Car wash opens (Rule over system auto car wash/high
speed refueler gas station)
1984.03.00. Petroleum sales permit (Gwacheon gas station)
1984.08.17. Emission equipment installation permit (Kwachun gas
1984.09.20. LNG charge alteration permit (Oryudong charge station)
1985.02.00. Foundation of R&D Center
1985.05.15. Development of automatic contained tester for LPG
1986.12.00. Development of removable LPG valve apparatus
1988.01.29. Contained tester/patent for high-pressure gas charge
1989.02.01. Transferred Daegu Oxygen and Busan Oxygen into an
industrial gas business division in Daesung Industrial Co
1989.10.06. High-pressure gas charge container leakage tester/patent
1989.11.28. Gas container volume meter
1990.08.29. Gas leak warning system/patent (R&D center)
1991.07.22. Removable gas tank valve/patent (R&D center)
1992.09.18. Controlled gas pressure surveillance unit (R&D
1993.05.18. Honam Gas Station awarded for outstanding service.
1994.05.24. Honam Gas Station awarded for best service in 1994,
lubricant oil category
1995.05.16. Honam Gas Station awarded as Star gas station in 1995
1996.10.09 Environment protection facility installed (Suwon station)
1996.12.19 Pollutant emission permit (Suwon station)
1996.12.19 Electronic gas charger (R&D center)
¢À 2001 Financial status
- Total assets: 13 million
- Capital: $20 million
- Sales: $38 million
351 (2002. 10. 31)
Operation of gas station and charge station
- Overseas resource development division
Established in 1947, we have been the leader of energy distribution
in Korea. The search for foreign resources began with the investment
to the Drayton coal Mining development in Australia in 1981. Drayton
provides 400,000 tons of coal fuel for domestic consumption annually.
In January 1990 we created the oil exploration team handling
investment and development for oil and gas field search. We participated
in the discovering of the Libya oil field with estimated reserves
amounting to approximately 600milllion barrels and is planned
to start production by late 2003 with 3 other Korean corporations.
Furthermore, we started investing in Vietnam gas field with 7
Korean corporations since May 1992 with 100% holdings. We aim
to produce the gas to supply the local generating plants in Vietnam.
Daesung Industrial Co. registered as a local corporation in the
US to participate in the development of oil fields in Oklahoma
and in Texas.
We participated in the development project of a marine gas filed
in the Middle East in association with 7 Korean corporations in
December 1997. The site, generating gas since 1999, has generated
income through dividends since 2001. LNG will be supplied to Korea
Gas Corporation. Over $ 1 million annual profit is expected.
We also participated in developing the Natural Gas in Siberia,
Russia in September 1998 with 7 other 7 Korean corporations. The
Natural Gas will be channeled to Korea through China by a pipeline.
Three countries, Russia, China, and Korea, are assessing the business
Since February 2002, US, UK, Italy, etc have been investing in
the Kazakhstan oil field, the world's largest petroleum reserve
area near the Caspian Sea. Daesung, in association with 5 other
Korean corporations, is assessing plans for participation in the
oil exploration. This plan is scheduled for initiation in the
Daesung Industrial Co, as energy-experts, will constantly invest
to secure oil for Korea.
¢À Corporate History
1990.2. Libya oil exploration decided (NC 174, NC 173 well)
1990.10.11 Libya oil field profit dividend contract concluded.
1991.1.29 Acquired business permit from Libya's Department of
Energy and Resources
1991.4. Australia/Indonesia Timor Gap Co. national consortium
1991.6. Vietnam 11-2 mining well national consortium participation
1991.8.1. Conclusion of JOA(Joint operation agreement)with LASMO
Corporation in Libya
1991.12. Conclusion of a profit dividend agreement pertaining
to Timor Gap Co..
1992.5.19. Conclusion of a profit dividend agreement pertaining
to Vietnam 11-2 mining well
1992.8.14. Acquired 11-2 Vietnam mining well business approval
from the Department of
1992.12. Sakhalin gas field exploration project, consortium participation.
1992.12. Launched the first drilling at the Timor Gap marine mining
1993.5.31. Conclusion of an agreement in Daesung consortium (Daesung
Industrial Co, Seoul City Gas Co, Daegu City Gas Co, Daesung resource
Co, 25% each)
1993.7. Conclusion of an agreement for a stake relinquishment
with Shell Corporation in Vietnam 11-2 (30%)
1993.9. Launched the first drilling in Libya mining field. 4 wells
completed as of Mar. 1994. 3.9 million barrels acquired.
1993.11. Bored the 1st exploratory mobile (Rong Bay-1X) in Vietnam
1994.11. Bored the 2nd exploratory mobile (Rong Bay-1X) in Vietnam
1995.1. Bored the 3rd exploratory mobile (Rong Bay-1X) in Vietnam
1995.1.11. Conclusion of an exploration agreement with 3 corporations
including Deasung Industrial co, Texaco Co, and ABR Co for the
Maddox project in the US
1995.2.16. US Ministry of Commerce, Industry and Energy approved
the Maddox Project. (Approval No. 108)
1995.3.15. Proposal of direct overseas investment processed by
the Bank of Korea for the Maddox project
1995.5.2. Obtained a loan approval for oil development business
in the Maddox project
1995.8.19. Shell forfeits its' stake (30%) in Vietnam 11-2
1995.8.20. Started the 2nd exploration in Vietnam 11-2
1995.12.6. Sakhalin gas field national consortium dismantled
1995.12.21. US Tongue River, North Ibex, Windham/Dyer/Grimes,
Miscellaneous Commitment Letter concluded.
1996.2.5. Conclusion of joint exploration agreement (Tongue River)
1996.2.6. Conclusion of joint exploration agreement with Windham/Dyer/Grimes
1996.3.13. Proposal of overseas resource development planning
processed by the Ministry of Commerce, Industry and Energy for
the Tongue River project
1996.3.15. Mobil Co in Vietnam participated in a new stake (45%)
1996.3.27. Conclusion of the joint commitment for Miscellaneous
1996.4.16. Launched the 1st boring for the Maddox project (Chmpagne
1996.4.26. Conclusion of joint exploration agreement with North
1996.5.2. Proposal of overseas resource development planning processed
by the Ministry of Commerce, Industry and Energy for the Windham/Dyer/Grimes
1996.4.¢¦6. Bored the 4th exploratory mobile (Rong Bay-1X) in Vietnam
Osan Energy Co, which provides group energy for industrial and
residence area, contributes to not only to reducing energy consumption
but also minimizing environment pollution for national interests
under operation of efficient steam supply and power generation
equipment. Osan Energy Co. promotes comfortable accommodation
environment through local heating system.
1995.08.15. Power plant completed.
1999.05.01. Auction to Industrial bank due to bankruptcy of Shinho
2000.01.05. Osan Energy Corporation established.
2000.03.02. Osan combined heat and power plant in Ssanyong Engineering
& Construction Co acquired by an auction
2000.05.15. Planned preventive maintenance conducted
2000.11.29 Taking over of local heating service of Unam district,
2001.05.08 Planned preventive maintenance conducted
2001.10,05 Acquisition of shares (100%) (Ssanyong Engineering
& Construction Co->Daesung Industrial Co)
2001.10.10 Ceremony for a new corporate acquisition
¢À Address and telephone
Address: 332 Nueup-dong, Osan, Gyeonggi-do 447-160
TEL: (031)375-2142 FAX: (031)375-2145
¢À 2001 Financial Status
Total assets: 45 billion won
Capital: 15 billion won
Sales: 25.8 billion won
42 (2002.10.31 present)
Production, collection, and distribution of electricity (electricity
- Main business area
|Dae Lim Paper Co, Shinho Paper Mfg, KEP(Korea Export Package)
LG Electronics Inc. , Changsung Textile Co.
||Korea Electric Power Corporation
|Local heating supply
|Provided for 8,954 households in Unam housing complex, schools,
public and commercial facilities.
|Local cooling supply
||Consuming partial local heating