KNOC is a government-owned oil company that specializes in oil exploration, production, stockpiling, and distribution with an aim to provide oil to the people of Korea steadily and thereby contribute to the national economy. In the event where unprecedented crises give rise to structural imbalance between supply and demand, resulting in the volatile oil price, KNOC has been making its own contribution to efforts to deal with the crises. In light of this, KNOC and its employees have declared 2019, as the first year of emergency management, to gain the people’s trust.

● Expanding into the eco-friendly and low carbon business

In addition, KNOC is accelerating the development of new and renewable energies as well as reducing carbon emissions, in line with the government’s Green New Deal policy and the global economic transition to low-carbon energy. While promoting new energy convergence projects including natural gas development, the CCS(Carbon Capture & Storage) project, and hydrogen production based on domestic continental shelf exploration, KNOC plans to expand into a global energy company that leads the low-carbon economy as well as promotes eco-friendly energy by setting up a floating offshore wind farm around the sea near the Donghae gas field where production ends.

● Promoting sustainable and safe working environment

KNOC has maintained a zero-accident workplace for 20 consecutive years based on strict safety controls and ensured public safety with facilities that are fully equipped for explosion, fire, and drone attacks. In addition, KNOC has met the target in terms of reducing GHG emissions (112%) in 2020 by running the GHG Reduction and Energy Saving Committee and managing GHG and energy targets in the public sector, and is taking the lead in responding to climate change by expanding solar power generation facilities at its stockpiling sites.

● Striving to become a public corporation that partners, local communities, and even the general public agree that it realizes social values

KNOC is making a wide range of efforts to create an ecosystem for shared growth and a culture of fair trade in the domestic oil industry. Likewise, being the first among public companies in Ulsan to hire disabled athletes, KNOC has provided the athletes a safe and sound environment so that they could entirely focus on their practices. With a hope of becoming closer to the public and being trusted by society, KNOC has made efforts to support the medical workers who are helping Korea overcome COVID-19, the small business owners suffering from economic difficulties, and students from low-income households.

Broadening out spectrum from oil business, KNOC aims to contribute to the promotion of people’s happiness by living up to the expectations of various stakeholders.

Thank you.