Korea National Oil Corporation Caspian Branch 

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Korea National Oil Corporation Caspian Branch 

KNOC was established in 1979 after the two oil crisis of the 1970s to secure the stable oil supply. It is the state-run oil company and carries out energy projects on behalf of the Korean government which private companies cannot perform as there still is structural vulnerability of another oil crisis. Since it had the ability to explore the oil field on its own from the late 80s, it has participated in several oil drilling projects at home and abroad. KNOC succeeded in developing a commercial gas deposit in the Donghae 6-1 gas field and producing natural gas and condensate. It made Korea, used to be the non-oil producer, the oil-producing country. From the 1990s, the corporation has engaged in overseas oil projects actively. As of the end of December in 2009, it carries out 48 projects in 17 countries. KNOC made itself known worldwide by successfully engaging in production after developing the 15-1 and 11-2 blocks in Vietnam with its own capital and proprietary technologies. Under the strategic goal of GREAT KNOC 3020, it scaled up projects to increase daily output to 300k barrel and reserve deposit to 2 billion barrel. Since it successfully took over U.S. Ankor in 2008 as well as Peru's SAVIA PERU, Canada's Harvest and Kazakhstan's Sumbe in 2009, it contributed the country's self-sufficiency rate increase of oil supply substantially. KNOC has a storage capacity of 146 million barrels by operating nine petroleum stockpiling bases around the nation, enabling it to respond effectively to significant shifts in oil supply and demand. Its ability to operate stockpiling bases made successful international joint stockpile and puts Korea North East Asia's center for oil logistics, which will be the new growth engine for Korea. Furthermore, KNOC is securing the next generation energy sources by doing extensive activities such as exploring the polar regions, remote areas and deep seas, and making research on oil sand, the non-traditional petroleum. It is also providing timely information on oil prices and national energy policies to the citizenry through an oil information network called Petronet (www.petronet.co.kr), a comprehensive gas station information system (www.opinet.co.kr), and publications. Seeking nothing less than to provide hope and a better quality of life for the people of Korea and to earn their trust, KNOC will fully establish itself as a global state-run oil company by applying ethical, sustainable, and environment-friendly management, and by taking corporate social responsibility seriously at all times. Also based on the 4 core values: challenge, professionalism, respect, contribution, it will enhance its management ability meeting that of major oil companies. Energy that moves Korea's economy, it always begins with KNOC.