BP has been in Korea for more than 30 years as one of long-term investors and developed businesses in the following area
Since start-up marketing of marine lubricant in 1977, we have extended our activities to industrial and automotive lubricant over last two decades. By acquiring Castrol in 2001, we have built up a reputation as a global producer/supplier of premium grade lubricant and now supply to wide range of customers from private car driver to big companies such as Hyundai, KIA motors and POSCO. We also supply marine lubricants and fuel oil at ports worldwide to majority of Korean shipping companies.
We supply LNG produced in the region to major customers like KOGAS, POSCO and K-Power under a long-term contracts. Supply to KOGAS is mainly from Australia’s North West Shelf and Indonesia’s Bontang and to POSCO and K-Power from Indonesia’s Tangguh.
We had established several joint ventures through partnership with Korean companies and among them, two joint venture companies with Samsung, Samsung-BP chemicals and Asian Acetyls (producing Acetic Acid and VAM respectively) are in service. These companies have a proven world-class track record in manufacturing reliability and have been awarded a few prizes from Korean government for excellent performance, especially for environment friendly activities.
We have taken delivery of approximately 40 vessels including oil tankers, LNG carriers and oil drilling ship from Korean ship yards like Hyundai Heavy industries, Samsung Heavy industries and Daewoo Shipbuilding & Marine Engineering. Presently, Quad 204 FPSO(Floating Production, Storage and Offloading unit) is being built by Hyundai Heavy Industries and will be delivered in the early of 2015. The FPSO will be able to produce 130,000 barrels of oil and 2.2 million cubic meters of gas per day. Also, 13 oil tankers are being built by STX Offshore & Shipbuilding.
People and Partners
There are 50 people working in BP Korea office with 450 employees working for joint ventures and BP Shipping.