STX Energy gets new name after acquisition by GS Group

GS Group said yesterday that STX Energy will be renamed GS E&R.

GS Group bought the energy company with LG International Corporation in December.

GS purchased nearly 65 percent of the shares of STX Energy, a former affiliate of the cash-strapped STX Group, from Japan’s Orix, while the LG International Corporation acquired about 7 percent.

GS Group said that GS E&R’s “E” represents electricity, the environment and energy, while the “R” represents resources and renewable.

STX Energy runs thermal power plants in Gumi, North Gyeongsang, and Banwol, Gyeonggi, and is building another plant in Donghae, Gangwon. It also operates a retail oil business and resource development businesses overseas.

GS Group added that Ha Young-bong, the former CEO of LG International, will be the new CEO of GS E&R.