BEIJING, Dec. 22 /PRNewswire-FirstCall/ - Land Star Inc. (www.landstarcorp.com) Landstar Chairman Mr. Li Congtang recently met with Mr. Ahn Yeon Soon, the Environment Counsellor of the Embassy of the Republic of Korea, regarding Korea's commitment to nationwide oil and gas vapour recovery program.
The officials discussed environmental issues related to the oil and gas industry, and in particular, Chuguan's oil & gas recovery solution. Landstar briefed the Korean official on the current status of oil & gas recovery projects in China and the three compulsory national standards in place regarding the storage and transfer of petroleum products.
Mr. Ahn Yeon Soon explained the urgent need to address oil & gas recovery initiatives in Korea. Similarly to China, Korea suffers from serious air pollution problems. During the period of the 2002 World Cup Football Games, all gas stations and oil depots in Korea were closed during daylight hours in order to minimize the pollution problems caused by fuel vapour evaporation at retail gas stations.
He went on to explain that Korea lacked oil & gas recovery technology as recently as last year, with the exception of some licensed technologies from other countries. The Korean government has made the introduction of this technology a major priority, and plans to address the problems in three phases.
The initial phase of oil & gas recovery projects centers on the installation of oil vapour recovery units to be installed in approximately 3000 gas stations throughout the country. The target deadline is to see phase one completed by 2010 starting with 6 major cities including Seoul and Busan.
A key factor working in Chuguan's favour is its experiencing installing gas vapour recovery units in all Sinopec gas stations throughout China. Sinopec is the third largest oil refiner in the world and is ranked # 5 in terms of ethylene capacity and # 3 in terms of number of service stations in the world.
After presenting Chuguan's technical features and competitive advantages, as well as rough pricing guidelines to assist in estimating costs and economic benefits of implementing these solutions, Counsellor Ahn invited Mr. Li Congtang to visit Korea, and undertook to arrange one-on-one meetings with key industry sector enterprises to discuss new business opportunities for Landstar in Korea.
Land Star Chairman Mr. Li Congtang, states, "We are honored to be given this important opportunity. I think it is vital that Asia develops its own proprietary technologies in key industry sectors such as ours. We need to be out front with innovations, and offer Asian based technology solutions for all Asian markets. As our economies develop, we have to move beyond a low-cost labour economy, and become a legitimate technology player on the world stage."
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