GS Caltex will supply all kinds of oil to government agencies including local autonomous governments in an effort to cut the government’ s oil bills.

The government announced on Aug. 29 its public sector oil supply procurement promotion results decided at the meeting of officials in charge of price stabilization presided over by the assistant minister of the Strategy and Finance Ministry at the Gwachon Government Annex Building in Gwachon, Gyeonggi Province, south of Seoul.

The number of supplier firms registered with the Public Procurement Service totaled 44,000 and the public organizations that don’ t own oil storage facilities need 210,400 million liters of light oil worth 3.8 trillion won annually. GS Caltex will supply to these public organizations 250 million liters of gasoline and 250 million liters of diesel and car fuel at prices some 2.866 percent lower than market prices. Some 1.1 percent of funds spent to buy oil will be saved with the oil procurement cards issued by Shinhan Card and the installment savings will be reflected twice annually in the revenues of public organizations that use the card.

PPS estimates that the public organizations will be able to save 3.5 billon won on their oil bills annually by buying their fuel from GS Caltex using the Shinhan Cards.

In the meantime, GS Caltex turned over a number of its businesses including gas, power, resources exploration, and green growth to GS Energy. The turnovers included a 50 percent stake in GS Power, Marine and City Gas, Sorabol City Gas, GS Nanotech, Samil Polylmer, among others related with new energy and new material, worth a total of 1.162 trillion won.