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Japan leads the demand, buying 11 million barrels of our products.
When Texaco decides to extend its interests in the Western hemisphere, it reduces the size of Caltex’s global operations but leaves us even more focused on the area east of Suez – where we have the most experience, cultivated relationships and profitable operations.
Throughout its marketing area, the company had always been identified with the name ‘Caltex’ in the mind of consumers.
To begin our journey in South Korea, we enter a joint venture with Lucky Chemical Goldstar Group to form the Honam Oil Refinery Co. Ltd., which constructs Yosa Refinery, the nation’s second refinery at Yosu. Together, we go on to operate a network of 200 service stations, gaining 30 per cent market share.