Korea Gas Corporation signs labor-management pact to tackle financial crisis

Korea Gas Corporation (KOGAS) marked its 43rd anniversary with a joint declaration between management and labor to address the company’s financial challenges and pursue future growth. During the ceremony held at the company’s headquarters in Daegu, CEO Hong Ui-rak and labor union leader Lee Seung-yong agreed to cooperate on six key tasks: strengthening energy publicness, overcoming the financial crisis, discovering new businesses, ensuring field safety, improving employee welfare, and building a culture of mutual respect.

CEO Hong emphasized a shift in the energy paradigm, stating that “gas is electricity” due to the rising power demands driven by the AI industry. He outlined a vision to redesign KOGAS from a traditional gas supplier into a comprehensive energy platform company that connects electricity, hydrogen, data, AI, and global trading.

The agreement specifically targets the company’s accumulated receivables and financial instability, framing the resolution of these issues as a shared responsibility between labor and management to ensure national energy security and stable natural gas supply.