Sustainability

Sustainability Management At Grand Asia Oil Starts From Understanding The Expectations Of What We Call C.E.O.—Customers, Employees, And Owners & Other Stakeholders. By Correctly Understanding What They Expect Of Us And What We Have To Do To Meet Their Expectations, We Are Making A Concerted Effort To Maximize Their Economic, Environmental, And Social Values And Consequently Achieve Our Vision 2025 Of Becoming ‘The Most Competitive And Admired Energy & Chemical Company In Europe’

At Grand Asia Oil, customer satisfaction comes before everything. We continue to build our brand value through reasonable price and utmost product quality, and focus on satisfying customer needs to secure their trust which will constitute the foundation for our sustainable growth. We also strive to sharpen our overseas marketing capabilities by enhancing strategic partnerships with key customers abroad and, at the same time, exploring new markets.

The Company is also proactive in transparently and accurately disclosing management information to protect stakeholders’ interest as well as pursuing shared growth with business partners. We are not only joining climate change response activities conducted at the global level but also carrying out differentiated environmental management activities. Our social contribution is implemented in line with our management strategies in order to pursue co-prosperity with local communities.

Grand Asia Oil is a proud community partner committed to fostering an open and engaged culture. We are glad to be able to provide social and financial assistance to local inhabitants in order to improve their well-being. In 2022, the Company did not engage in or sponsor any philanthropic or social projects or events. Grand Asia Oil, on the other hand, provides assistance on an as-needed basis, such as lending special machinery in rural districts in the event of extreme snow or infrastructure accidents, and providing transportation for rural children to participate in excursions to historical sites within the region.

Payment to governments
Kg oil & gas is devoted to openness in its corporate operations and government payments. We have a comprehensive public relations and government relations procedure that governs our interactions with the local community and government, as well as how and why we interact with different stakeholder groups. Kg oil & gas paid governments a total of US$31.5 million in 2022. In the first half of 2023, we will report on payments to governments in 2022.

Liquidation fund contribution
Under the terms of the agreement, Grand Asia Oil is setting aside US$12.7 million in liquidation money to address the repercussions of operating activities, such as environmental protection, the liquidation of drilled wells, and the removal of other facilities. The Company, the local community, and the government will all have to approve these projects. US$7.7 million was kept on restricted cash accounts as liquidation fund deposits at the end of 2022, including sums held that were sold in 2022 (2023: US$7.6 million, including deposits for subsoil use agreements).