LGI is proud of its superior financing capability which enables it to utilize advanced techniques, ensure diverse revenue-earning sources, and offer tailored complex financing services to customers. We likewise have a superior information processing system that allows us to efficiently gather and analyze a wide variety of information, which derives from the company¡¯s reliable sources of business information and its continuously expanding global network. We also have an outstanding business network that enables us to forge alliances and agreements with leading business partners in conducting our diverse businesses. Through these strengths, we are positively pushing ahead with large-scale overseas development and joint-venture projects.
Aiming to secure a long-term and stable supply of major raw materials for industrial use, LGI participated in the development of the Ensham bituminous mines in Australia in 1993, and of the Erel bituminous mines in the Sakha Republic of Russia in 1996; now, it is supplying bituminous coal to Korea and exporting such coal to Japan, Taiwan, and other countries. LGI participated in a gold copper mine development project in Rapu-Rapu, Philippines in 2003, thereby securing a stake in the mine and in the long-term sales rights over gold copper and zinc concentrate.
In addition to its bid in oil field exploration, LGI is also participating in currently operational oil fields and LNG projects. Through our participation in Oman¡¯s Bukha oil fields that began operating in 1997, and stake participation in Qatar¡¯s LNG project in 1999, we are now reaping a steady stream of profits. We are pushing ahead with projects concerning the development of 11-2 gas fields in Vietnam and new LNG and oil fields aimed at creating long-term sources of revenues. We are also positively conducting resources development projects in Central Asia centered on Kazakhstan.
Drawing on its extensive and diverse business experience and flexible and competitive organizational structure, LGI is armed with qualities that differentiate it from competitors, namely, its strengths in financing, information, and networking, thus exercising organizational abilities that enable the company to create synergies in conducting its business and earn orders of highly profitable projects.
For five years from our oil refining plant project in Thailand in September 1992 to the exports of lubricant plants worth USD 270 million in September 1994 and other projects in 1996 we closed deals on projects worth a total of USD 540 million.
Even amid the financial crisis that hit Korea in 1998, we, together with LG E&C (currently GS E&C), secured a USD 700 million refining plant order in Qatar, which was a symbolically significant project because it came at a time when hardships amidst Korea¡¯s sovereign credibility were worsening. This achievement also attracted the attention of the Middle East¡¯s plant market.
Thereafter, we continued to strike deals on huge plant construction projects in the Middle East. For instance, we won what was then considered as the largest project ever given to a Korean company, the South Pars project in Iran worth USD 1.6 billion in September 2002, and the order of polypropylene plants in Oman worth USD 180 million in May 2004. These achievements reflect how dynamic we have been in the Middle East market. Moreover, LGI is also expanding further into the North African markets.
LGI is working hard to further improve its domestic sales and distribution as a marketing specialist in IT products. As a distributor of Canon cameras, it is expanding its product line to create new revenue sources, with products such as digital display devices, game and network-related equipment, and supporting equipment.
In 2003, working with Europe¡¯s leading commercial car maker, IVECO, we expanded our sales and after-sales network. We also introduced new services designed to make our offerings stand out from our competitors. Now, we are fast growing as the new leader in imported automobiles. LGI is opening a new chapter in the history of Korea¡¯s commercial car market through its philosophy of putting customer satisfaction first and foremost, together with the advanced technologies of IVECO, the renowned maker of famous cars such as Ferrari and Alfa Romeo.