Korea National Oil Corporation (KNOC) was established in 1979 under the KNOC Act as a statutory juridical entity tasked with ensuring a stable supply of oil and supporting the development of the Korean economy.

KNOC is wholly owned by the government of Korea. It engages in developing oil fields, stockpiling petroleum reserves and other oil-related activities. As of 31 December 2019, KNOC’s daily crude-oil and natural-gas production was approximately 185,900 barrels of oil equivalent.

Under the KNOC Act, only the government of Korea can contribute to KNOC’s authorised capital of up to KRW13 trillion. Pursuant to the KNOC Act, the government may also guarantee the repayment of KNOC’s bonds and its other loans and provide financial subsidies for KNOC’s business activities.

KNOC implements and monitors its risk-management structure. Management regularly updates the policies for each risk as well as confirms the validity of these policies. The policies aim to identify the risks that could potentially affect KNOC’s financial results and to reduce to an acceptable level, avoid or eliminate these risks.

In addition to its well-managed risk policy, KNOC is also regularly supervised by Korea’s government. The areas of supervision range from overall business operations and financial profile, such as budgeting and liability management, to appointment of directors and auditors.

KNOC is one of Korea’s leading issuers in the international capital markets. It aims to diversify its funding sources by accessing various markets and issuing across diverse maturities and formats. KNOC has issued benchmark and privately placed notes on a regular basis in various currencies including USD, EUR, AUD, CHF, JPY, HKD and SGD. It aims further to diversify its funding sources going forward.

KNOC first accessed the Kangaroo market in 2014 and returned with its second benchmark offering in 2016. KNOC intends to issue in the Australian dollar market on a regular basis.

KNOC is working to accomplish its vision of “creating value above energy” in all areas. In recognition of the need for securing reasonable profitabiity, meeting the level of global leading companies and operating systemic ethical management, KNOC has reorganised its ethics charter and code of conduct.

KNOC has also introduced a variety of training and evaluation programmes to create a corporate culture where management and employees can voluntarily participate in ethical management. These endeavours enable employees to conduct their jobs under ethical standards and reasonable procedures, and help the company fulfil its social responsibilities.

Hosang Kang
Deputy Manager
+82 52 216 2458
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www.knoc.co.kr