Chapter 501: Juyoung Hong (28) |
When Chairman Hong spoke, those who were whispering here and there paid their attention to the contract.
They knew that the moment when 29 oil tankers loaded up with crude oil entered Korean ports, Myongjin Oil Refinery would beat Mirae, Daesung, Hanil Energy, and Maseok Caltex to become Korea's largest oil refinery company.
So they reached the conclusion in less than 10 minutes that they would accept the contracts unconditionally.
After that, Chairman Hong directly called the U.S. Secretary of Commerce using the number on his business card to say he would sign the contracts.
And the US Secretary of Commerce replied, "Oil tankers full of crude oil will soon arrive at the Busan port of Myongjin Oil Refinery."
After confirming it, Chairman Hong put down the phone.
The next day, the Blue House staff were busy because although the US economic delegation led by the US Commerce Secretary did not visit the Blue House first after setting foot in Korea, they were fortunately supposed to attend a dinner hosted by the Blue House the next day.
President Kim Ki-jung could breathe a sigh of relief at their participation because if they left Korea without visiting the Blue House, people would blame him for the government's incompetence.
Anyway, he welcomed them at the Blue House, but he didn't move to the dinner hall right away because he had to tackle the more important issue of securing crude oil first.
President Kim had no choice but to smile brightly at his reassurances.
So it was no wonder that the atmosphere was bright throughout the dinner party.
At the end of the party, President Kim Ki-jung delivered a message from Harrison to the reporters covering the event.
"As the President, I felt as if I was on pins and needles when I thought about our people's worries about the surging oil prices. So I racked my brain to lessen their inconvenience and pressure by resolving this matter as soon as possible. Finally, I'm happy to tell you I have secured the crude oil from the United States!"
President Kim Ki-jung did not forget to claim the credit because that was the role of politics that he believed in.
After claiming the credit for himself, he handed over the microphone to US Commerce Secretary Harrison.
Harrison said, "We are delighted to know that we can help our strong ally, South Korea, to overcome the oil crisis. Currently a total of 29 oil tankers loaded up with crude oil are heading to Myongjin Oil Refinery's port in Busan after leaving Los Angeles."
Numerous reporters were busy writing down what he said.
But some of them tilted their heads because it was a little odd even though it was very encouraging that 29 oil tankers were on their way to South korea.
In the end, some impatient reporters raised their hands to ask questions.
Since this was not a question time, Harrison ignored them and continued.
"I would like to add one more thing. Our oil deal this time is not a one-off, but a mid- to long-term contract between Myongjin and ExxonMobil and Chevron. Ao we are ready to export crude oil whenever Myongjin wants, as long as it is used by South Korea."
US Secretary of commerce Harrison talked a little more, but not only the reporters at the scent, but also the people watching it on TV realized that it was Myongjin that managed to secure crude oil imports from the United States.
So the reporters began to ask question in the end
"Isn't it the South Korean government that ExxonMobil and Chevron are exporting crude oil to?"
"No, it's Myongjin Oil Refinery that has concluded the contracts with us."
"Then what about the other oil refineries in South Korea?"
"As I mentioned earlier, ExxonMobil and Chevron have signed a contract to export crude oil to Myongjin as long as they use it in South Korea. So other oil refineries will be able to secure oil through Myongjin."
"Then, is Myongjin responsible for the whole contract without going through the third party?"
"That's right. We will export crude oil to Myongjin only, and it's beyond our control how Myongjin will use the oil."
"…"
"…"
"…"
Aside from the reporters and many people watching the press conference on TV, the executives of Mirae, Daesung, Hanil Energy, and Maseok Caltex stared blankly at the TV screen with their mouths wide open. What the US Secretary of Commerce said was that only Myongjin secured the right to import crude oil from the United States.
"Is the oil price you agreed on confidential? You mentioned it's a mid- to long-term contract. Can you tell us the duration of the contract?"
"I can't disclose the price of crude oil we agreed on because it's confidential. We're going to decide the price of crude oil through negotiations with Myongjin, and we won't simply accept demands from one side. Also, the current contract period is 10 years, but if either party wants to extend the contract, we will renew it for another 10 years."
The press conference hall was shrouded in silence at the moment.
Of course, they whispered here and there.
'What the hell did Myongjin do?'
'How could they move the US government?'
'Is America crazy?'
In any case, the shocking press conference continued.
While the press conference was going on at the Blue House, the top executives of Mirae Group were having an emergency meeting in shock.
"According to the US Secretary of Commerce, ExxonMobil and Chevron will provide unlimited supply of crude oil to Myongjin as long as they consume it in South Korea, right? Did I hear him wrong?"
"…"
"…"
"…"
What Chairman Yon asked, none of the top executives watching the press conference could reply because the contract was so absurd that it was unbelievable.
The most absurd thing about the contract was that it was the Myongjin Group that would benefit most from the contract.
Of course, ExxonMobil and Chevron would also benefit from the contract because they would not sell crude oil at a loss.
But the gains ExxonMobil and Chevron would get were insignificant, or almost nothing, compared to Myongjin's.
So they had no choice but to question the motives of the top oil companies.
"Why the hell are ExxonMobil and Chevron so generous to Myongjin? What are they asking for in return?"
"…"
"…"
"…"
ExxonMobil and Chevron were literally being submissive to Myongin.
But they could not reply to Chairman Yon's question this time as well because they could not understand it.
There was one thing all of them understood clearly, of course.
"Oh my God...do we have to pay more attention to Myongjin than Saudi Arabia, Kuwait, or Dubai from now on?" Chairman Yon asked in a bitter voice.
They knew clearly that Myongjin Oil Refinery would emerge as the dominant force of the domestic oil market while other oil refineries would have to follow their lead.
Of course, it was not just the Mirae Group that was concerned about it.
More shocked than Mirae was the Daesung Group that purchased crude oil at five times the normal price in the futures market.
At the Daesung Group headquarters.
"…"
"…"
"…"
