Industry

GS Caltex offers help, payment in aftermath of Yeosu oil spill

GS Caltex, Korea’s second-largest refiner, said yesterday that it would pay those people who participated in the relief effort for the recent oil spill in Yeosu, South Jeolla, as well as purchase fishery products to help fishermen in the region.

GS Caltex’s pipeline was wracked by a Singapore-registered tanker on Jan. 31, causing a huge oil spill.

GS Caltex CEO Huh Jin-soo yesterday signed a deal with Yeosu Regional Maritime Affairs to purchase 700 million won ($652,000) of fishery products. In addition, the company has prepared 2 billion won to compensate some 25,000 residents who participated in relief efforts from the beginning of the accident to Feb. 14.

GS Caltex said that it was still working with officials on compensation for local residents.