CEO : Yoon Chun Sung
LX International, 58, Saemunan-ro, Jongno-gu, Seoul, 03184, Korea
COPYRIGHT©2021 BY LX International Corp.
- Emergency securement of 1,254 tons of urea solution from four countries in Asia including Vietnam, Malaysia, etc.
- Primary securement of 1,100 tons of urea through Korea’s first coal chemical engineering plant in China
- Urea securement through the global network with overseas corporations and branches
On November 10, LX International announced that it has secured 1,100 tons of urea from China as a primary emergency measure in addition to securing 1,254 tons (1,254,000 liters) of urea solution from four Asian countries including Vietnam, Malaysia, etc.
The urea acquired from China can be immediately used as urea solution for vehicles. Also, 1,100 tons of urea can create 3,300 tons (3,300,000 liters) of urea solution.
■ Active use of the global network of a general trading company
Because of the urea solution crisis in Korea that may result in logistical chaos, the LX International headquarters instructed its overseas corporations and branches to secure a sufficient amount of urea solution.
As a result, all of the corporations and branches of LX International have been trying to reach the local urea manufacturers and distributors to confirm stock and purchase availability, while at the same time resident employees are carrying out purchase negotiations on the site. To achieve the business transaction, all LX International headquarters, overseas corporations, and branches have been working on necessary communications night and day regardless of working on weekends.
Due to the enthusiastic effort, LX International was able to secure 1,254 tons of urea solution from four different countries including Vietnam, Malaysia, Singapore, and Thailand. The urea solution is planned to be shipped in November, and it will arrive in Korea in the next month at the latest.
For your reference, LX International is a representative general trading company in Korea that has established 50 global businesses in 20 different countries. It was first founded as ‘Lucky Industry Corporation’ in 1953 before the name was changed to ‘Lucky Goldstar International’ and then ‘LG International Corp.’
■ Primary securement of 1,100 tons of urea through the coal chemical engineering plant in China
The fact that LX International was able to secure 1,100 tons of urea from China was because it launched the first coal chemical engineering business in China as a Korean company; coal chemical engineering is an industry of producing chemical products by processing coals.
In July 2013, LX International acquired a 29% share of the Bodashidi coal chemical engineering urea fertilizer plant that is located in Nei Menggu, China. The acquisition process was conducted with the Boyuan Group in China with 92 million dollars, and the company plans to bring 1,100 tons of urea to Korea as a primary solution. Then, if required in the Korean market, LX International will further secure the necessary amount.
At this point of time, the headquarters and overseas corporations of LX International have been making their best efforts to be qualified for a preferential review in the export inspection application in China.
Besides, LX International has been closely consulting with local institutions in China for a quick customs clearance process under the assistance of the Ministry of Trade, Industry and Energy while at the same time making continuous discussions with LX Pantos which is a logistics company of LX Holdings.