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Đỗ Đình Long và Đtg Tạp chí KHOA HỌC & CÔNG NGHỆ 105(05): 65 - 73

65

A STUDY ON THE GROWTH STRATEGY AND THE ROLE OF KOREA

NATIONAL OIL CORPORATION USING EMPIRICAL ANALYSIS OF

WORLDWIDE OIL COMPANIES

Do Dinh Long1

, Zhang Yanping2

, Zulfikar Yurnaidi2

, Shin Young Um2

, Suduk Kim2*

1College of Economics and Business Administration - TNU, Vietnam

2

Ajou University, Korea

SUMMARY

Korea National Oil Corporation (KNOC) is planning to be a first-class world leading company

while there is still much debate regarding the efficiency of National Oil Company (NOC) model.

The purpose of this paper is to discuss the growth strategy and the role of KNOC in Korea. To

facilitate the comparison of KNOC and other companies, national oil companies (NOCs)

experience are examined. Additionally, we use 520 NOC samples from the year 2000 to 2008 for

an empirical analysis. The empirical results indicate that the state owned oil companies

underperform the private oil companies and a political preference for a state ownership oil

companies will come at an economic cost. Even though the results seem to suggest privatization

for KNOC, there are some empirical evidences that the existence of state ownership is still

important for the stability of the domestic energy market.

Key words: Growth strategy, KNOC, NOCs, State Ownership, Private Ownership

INTRODUCTION*

Since late 1990s, the liberalization and

privatization trends of NOCs have been gone

to the opposite way compared with the

previous periods [13]. Many countries ruled

out the steps toward privatization and even

forced nationalization of major foreign-owned

oil assets such as the cases of Bolivia, Ecuador,

Russia and Venezuela [9]. As a result, a re￾emergence of fundamental debate between

State Ownership oil companies and Private Oil

companies has been seen recently(1) [10].

Korea National Oil Corporation (KNOC) is a

state-owned company whose main role is to

build a stable balance between petroleum

supply and demand through the smooth

execution of domestic and global oil

development and stockpiling project since its

establishment. KNOC is planning to become a

world-class state-owned company. In order to

achieve this goal, the company has

implemented a strategy called “Great KNOC

3020” which symbolizes the daily production

capacity of 300 thousand barrels and the 2

*

Tel: 0912 547 767

billion barrels of oil and gas reserve. The

initiative also aims at transforming KNOC into

a top 50 global oil company. However, the

arguments against national oil companies both

in economics and politics in the last three

decades have put the Korean government

under the pressure of privatizing KNOC(2)

.

There are many studies on the relationship

between state ownership and corporate

performance both in term of theoretical and

empirical analysis. While most of the

theoretical studies or reviews find no

conclusive arguments in favor of either state

or private ownership, the majority of

empirical studies show evidences in favor of

private ownership rather than public

ownership. However, the number of

researches focusing on the oil and gas

industry is limited so far, especially the

empirical studies. Al-Obaidan and Scully

(1991) use various frontier analysis methods

to investigate the efficiency differences

between private and state-owned international

petroleum industry (44 companies observed

between 1976 and 1982). Their results show

that state-owned enterprises are only 61-65

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