Since the establishment of its marine lubricant business in 1977, BP has extended its activities to industrial and automotive lubricants. By acquiring Castrol in 2000, BP extended its reputation as a premium lubricant producer and supplier in the automotive, industrial and marine businesses to a wide range of customers in its respective markets. BP is currently working with Korean major companies.
BP supplies LNG to major customers in Korea. Supplies are mainly from Indonesia’s Tangguh LNG project, Australia’s North West Shelf and Indonesia’s Bontang project.
BP has established several joint ventures through partnerships with Korean companies. Among them, two joint-venture companies with Lotte - Lotte BP Chemical and Asian Acetyls (producing acetic acid and vinyl acetate monomer respectively) - are in service. These companies have a world-class track record in manufacturing reliability and have been awarded prizes from the Korean government for excellent performance, especially for environment-friendly activities.
BP has taken delivery of approximately 40 vessels including oil tankers, LNG carriers and oil drilling ships from Korean ship yards such as Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
Quad 204, an FPSO (floating, production, storage and offloading) vessel, built by Hyundai Heavy Industries, was delivered in 2016. The FPSO is capable of producing 130,000 barrels of oil and 2.2 million cubic meters of gas per day.
In addition to Quad 204, 14 crude oil tankers by STX, another 14 petrochemical carriers by Hyundai Mipo Dockyard Co and six LNG carriers by Daewoo Shipbuilding & Marine Engineering will be delivered over the next few years.
BP Korea particularly focuses its support on education programmes for the local community.
Our employees voluntarily contribute a certain amount of money to support this scholarship every month, and BP matches these donations. The combined fund has been used to provide scholarships to university students from unemployed families since 2006. BP Korea also supports the Race for the Future programme of the Partners for the Future Foundation, which is part of the American Chamber of Commerce in Korea.
BP established a petrochemical joint venture in 1989 with Samsung to produce high value-added chemical products. In 2016, the partnership changed from Samsung to Lotte, after South Korea-based petrochemical company Lotte Group acquired the chemicals businesses of Samsung.
Acetic acid is usually used directly or indirectly as a raw material to produce many a wide range of chemicals - from fine chemicals such as vinyl acetate monomer (VAM), acetic anhydride, to medicine, PTA solvent, pigment, dying stuffs and aromatics. In Korea it is used mainly to produce PTA, VAM and ethyl acetate.
Lotte BP Chemical aims to not only produce the most competitive and best-in-class products but also to apply its "health, safety and environment" management philosophy in order to protect employees and the environment for the better welfare of human society.
It has won several awards for safety and environmental performance, including an Example of Environment Management Company award in 1993, an Environmental Friendly Plant award in 1996 from the government and the Industrial Accident Prevention Award (Presidential Prize) in 1998.
Lotte BP Chemical has also obtained certificates including an eco-friendly company certificate issued by the Ministry of Environment, ISO 14001 issued by Korea Gas Safety Corporation, an OHSAS 18001 issued by Korea Gas Safety Corporation and has been named a process safety management (PSM) 1st grade (P grade) company by the Ministry of Labor.
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