I Become a Chaebol in Korea: Unique Insight

After experiencing a tragic car accident, Liu Zhengjie, whose ancestors were from China and who was now an ordinary Korean worker, woke up to find himself the eldest son of the powerful Korean chae...

Chapter 298 Five Crude Oil Contracts

Park Jin Hyuk said to Mao Dayong:

"We must set domestic prices lower, and we must also find ways to expand production capacity."

"Expand production capacity?"

"Someone has suggested that we need 1 billion doses of vaccine. We have to earn this money."

One billion copies is just the demand from the United States, and there are also demands from Asia, the European Union, Africa...

*** *** ***

Mao Dayong and Zheng Qiying got out of the car, and Park Jin Hyuk drove to Han Ji Yeon's meeting place.

The meeting with the American guests ended earlier than expected, and Park Jin Hyuk hurried back to the house where the party took place.

Han Ji-yeon's party was just halfway through when she saw Park Jin-hyuk rushing back. Han Ji-yeon was naturally very happy, and her knot in her heart was finally untied.

*** *** ***

In previous years, DS Group held its second-quarter financial results meeting in mid-July, but this year Park Jun-wan requested that it be held in early June.

It was only the end of May, and the subsidiaries of DS Group were already busy preparing for the final accounting meeting.

In order to make their operating data look better, some subsidiaries are busy negotiating with dealers to place orders and ship goods in advance.

However, the atmosphere at DS Telecom seemed unusually calm.

In the office, Park Jin Hyuk was sitting on the sofa, drinking coffee and reading economic news.

"The biggest news on the stock market last week was DS Heavy Industries' decision to aid West Aerospace."

It's Monday, and the two hosts are reviewing the economic news of the past week.

"Currently, WEST Airlines is still out of business, right?"

“Yes, it has been closed for three months.”

"There were rumors that West Airlines would go bankrupt and liquidate."

"In fact, Daming Group has already treated its shares in West Airlines as property losses."

"DS Heavy Industries took over its 200 billion yuan debt and acquired Daming Group's shares at the original price, investing nearly 500 billion yuan in total. Why did this turnaround happen?"

Seeing this, Park Jin Hyuk couldn't help but smile.

"Given DS Heavy Industries' strength, this amount of money may not be a big deal, but in the current situation, acquiring an LCC (low-cost civil aviation) business is unbelievable."

"Well, before the flu pandemic, LCC had a promising future, but now it's become something people are avoiding."

"LCC companies are currently undergoing business transformation, so this acquisition has raised a lot of questions."

A chart showing the stock price changes of DS Heavy Industries appeared on the screen.

"The stock market reaction was very strong, with DS Heavy Industries' share price falling 20% in the last week."

"Various experts are analyzing and speculating on the reasons behind this, and their opinions vary. The only thing they have in common is that this was Chairman Park Jun-man's decision."

"Why did Chairman Park Jun-wan make such a decision?"

Ding, ding, ding.

Following the knock on the door, President Guo Xiji pushed the door open and walked in.

Park Jin Hyuk raised his hand to signal him not to speak, and continued watching TV.

Seeing this, Guo Xiji also turned his attention to the TV.

"I think there seems to be only one reason: Park Sang-hyuk. Chairman Park's second son, Park Sang-hyuk, is in charge of West Air. After completing his studies, he married the second daughter of the Daemyung Group and founded West Air. Unlike his brother Park Jin-hyuk, Park Sang-hyuk tried to achieve success outside the group before returning to DS Group."

"So, Chairman Park made this decision in order to support his second son?"

"It seems so. If West Air goes bankrupt, not to mention inheriting the family business, the hope of Executive Director Park Sang-hyuk returning to DS Group will become very slim. Therefore, Chairman Park Jun-man made such a difficult decision."

Hearing this, Park Jin Hyuk turned off the TV and said to Guo Xiji:

"Please take a seat."

Guo Xiji sat down on the sofa and said:

"Chairman, do you think the host's analysis just now is correct?"

"Is the chairman the kind of person who saved West Air for Sang Hyuk? He did that to compete with me for equity."

"Competing with you for equity...Are you talking about the shares held by Ms. Park Ruien?"

"Yes."

"Why don't you take those shares?"

"Director Wu once came to me, but I refused."

"Why?"

Guo Xiji was surprised.

"Because that 3% stake has another use. Wait and see how the chairman falls."

Then, Park Jin Hyuk stopped talking, and Guo Xiji didn't ask any more questions.

He placed the documents in his hand in front of Park Jin Hyuk.

"Chairman, this is the contract with Aramco that you handed over last time."

There are 5 contracts in total.

"The content of the contracts is the same, the only difference is the timing of the transaction."

Park Jin Hyuk picked up the contract and took a look at it.

The purchase times of these five contracts were only a few days apart, but in Park Jin Hyuk's eyes, their values varied greatly. He asked:

“We have chartered eight VLCCs in total, right?”

"Yes."

"If there are eight ships, how much crude oil can they hold?"

"One ship can hold 2.5 million barrels."

"That's 20 million barrels."

Park Jin Hyuk looked down at the five contracts. The highest value was 1.5 trillion won, and the lowest was only 550 billion won.

He picked up the 1.5 trillion contract, pretended to look at its contents, and then handed it to Guo Xiji.

“Let’s buy at this point.”

Guo Xiji never understood why Park Zhenhe asked him to prepare five contracts.

The dates of these contracts are no more than one month apart, so the changes in oil prices should not be too large.

He took the contract. The purchase time of this contract was three weeks later, which was also the last deadline for the validity of Aramco's quotation.

Unexpectedly, Park Jin Hyuk chose this contract.

Guo Xiji seemed a little hesitant.

"Chairman, this contract..."

"What's the matter?"

Guo Xiji didn't want to question his boss's decision, but after hesitating for a moment, he still revealed an important message.

"I heard a rumor that within a week, major oil-producing countries led by OPEC will hold a meeting to discuss countermeasures to curb the decline of crude oil prices."

"Oh, really?"

Park Jin Hyuk glanced at Kwak Seok Ki.

"Venezuela's oil minister said this in a press conference. They're saying that these oil-producing countries will hold a meeting within a week, or at the latest within 10 days. Influenced by this news, oil prices have stopped falling and are expected to rebound."

After hearing this information, Park Jin Hyuk looked at the contracts in front of him again.

"President Guo, thank you for the information."

"What do you mean...?"