Oil Exploration, Development, Stockpiling, and Distribution


[INQ. NO. 2020M02] KNOC is a government-owned oil company specializing in oil exploration, development, stockpiling, and distribution with the goal of stably supplying energy to the people of Korea and contributing to the national economy.

Global Oil E&P Business
KNOC is actively engaged in oil-development projects all over the world to ensure a stable supply of oil. Currently, KNOC is participating in 32 promising oil development projects in 16 countries (including three in Korea), producing about 172,000 barrels a day on average, with reserves equivalent to about 1.276 billion barrels of oil.

Oil Stockpiling
KNOC operates nine stockpiling bases nationwide, securing an oil reserve of 96.5 million barrels in stockpile facilities with a capacity of 146 million barrels. This reserve is equivalent to 89 days of net imports based on data from the International Energy Agency (IEA). In addition, KNOC is striving to improve its crisis response capabilities by efficiently operating oil reserves and stockpiling facilities, and to develop Korea as an oil logistics hub in Northeast Asia.

Improvement in Distribution Structure
KNOC supplies high-quality oil products to 1,194 discount gas stations nationwide at reasonable prices. As KNOC’s supply price for discount gas stations has become the standard price for oil transactions, it is contributing to creating a transparent oil trading environment and improving the oil distribution structure.

New Energy Business
KNOC is promoting eco-friendly energy development projects such as floating offshore wind power to actively respond to the government’s ‘Renewable Energy 3020 Implementation Plan’ to increase the share of renewable energy to 20% of total energy by 2030. KNOC is also leading the way in hydrogen manufacturing using natural gas on the domestic continental shelf, which has a lower production-cost than imported natural gas. Furthermore, KNOC is planning to import hydrogen from overseas gas production projects, through which the produced CO2 will be used to enhance oil recovery.

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Automotive Internal Combustion Engine Parts


[INQ. NO. 2010M01] LK Precision Co., Ltd. is a company specializing in mechanical machining of automotive parts. Founded in 1997, it achieved KRW 15.4 billion in sales in 2019.
LK Precision processes its products using the CNC lathe. LK Precision processes various materials, including steel, non-steel metal, aluminum, etc.
Major products of LK Precision are the parts needed for fuel pumps, regulators and BLDC motors, and LK Precision also manufactures some 30 other parts for internal combustion engines.
LK Precision also manufactures some 20 types of high voltage terminals for electric vehicles.

LK Precision established a smart factory in 2019, which received the SQ quality certificate from Hyundai Motor Company. The smart factory of LK Precision can manufacture all types of parts with its various CNC processing facilities.
LK Precision hoped to expand into the overseas market this year, but unfortunately all overseas expansion plans are currently put on hold because of COVID-19.
With regard to the company’s expansion plans for Japan, a potential Japanese customer of LK Precision was reviewing an estimate of LK Precision, but the process was suspended.
The product that was being negotiated with a potential Japanese customer was a precision-processed printer part. LK Precision sent its product catalog to another potential customer in the U.S. and is waiting for a feedback at the moment.

LK Precision will strive to deliver its best-quality products to its customers at the lowest price and assure that its customers will enjoy the benefit from LK Precision’s products by strictly warranting its product quality.
LK Precision will satisfy its customers using its CNC mechanical machining experience and know-how it accumulated over 23 years. LK Precision would like to inform its potential customers that it has 72 CNC lathes and various quality inspection facilities.

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