The Chaebol Who Flies From Space - Chapter 77



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The Tycoon Who Flies Into Space Episode 77

Episode 77 Oil Fund

It was late at night when I returned home to LA.

As soon as I arrived, I fell fast asleep in the guest room and woke up late. When I looked around, I couldn’t see Jamie.

As I stretched and stepped outside, I saw an unexpected face talking to Jamie.

“Why are you home at this hour?”

The younger brother, who had been talking to Jamie, frowned.

“The scenario was finalized as of yesterday.”

It was said that the selected scenario was rolled out and rolled with several writers until it finally reached the desired level.

“So that’s why you’re at home.”

“Yongwon, what time did you arrive yesterday? I tried to wake you up, but you were sleeping so soundly that I left you alone.”

“I’ll just wash up for a bit and come out.”

I waved off Jamie’s advances and went into the bathroom.

I took a quick shower and drank a cold drink. As the cold drink entered my stomach, I came to my senses.

“So you’re done with the scenario?”

“Yeah, now all we have to do is film, but I was talking to the lead actor about our future schedule.”

“Lead actor? Jamie is the lead actor in this movie?”

“Jamie made up her mind two days ago.”

I looked at Jamie at my sister’s words.

“Are you really going to do it? What about the movie you’re preparing to produce right now?”

“I really like the script, you know? I saw it from the side and I liked the content. It doesn’t matter if the movie production is delayed a little. There’s no need to rush.”

That’s what it was.

“The scenario changed so much that you decided to appear.”

“Here, read it too, oppa.”

I carefully read the scenario my sister gave me.

The story of a man and a woman meeting, falling in love, breaking up, and meeting again was very interesting.

There have been many movies made with the same content before. No matter how much you worry about it, love stories between men and women will continue to come out in the future.

“The woman is rich? The props that go into filming must be no joke. The production cost must be high.”

“I don’t think it will take much.”

“I think it will take a lot of space?”

As we talked, Jamie and Jeongyeon’s faces looked unusual.

no way!

“You’re not suggesting we take a picture here, are you?”

“that’s right.”

“Are you crazy? You should invest the production cost properly and build a set to film it.”

I hated people coming and going to the house I lived in.

I got goosebumps thinking about how many staff members would be coming and going from the house to the filming location.

I went all the way to New Jersey, worked my butt off, came home and this is all bullshit.

“If you really want to take pictures like that, take them at the house I lived in before! That’s a nice house too. It’s empty now, so that’s a good thing.”

“It’s not like you get the feeling of being rich right away. It’s a place where you can immediately think of being rich when you see a house on the screen.”

“… … .”

My sister was right.

I gave up on trying to change Jeongyeon’s mind and looked at Jamie.

“What do you think?”

It’s not a bad thing to have your house filmed, but it’s annoying to hear gossip. It’s also annoying to have your house’s location known.

“Everyone knows I live here anyway, and everyone already knows what’s inside the house.”

Pictures of the house Jamie and I live in have been spreading all over the internet.

These were photos taken by a real estate agent when the previous owner put the house up for sale.

“Still safe… … . Ugh, I’m speechless.”

There were already armed guards protecting the house like an iron wall.

That’s why the paparazzi can’t just come into the house.

As soon as the armed guards started walking around the house, the paparazzi swarming around disappeared like cockroaches that had been drugged.

Just like cockroaches don’t get eradicated with just one dose of medicine, they’ll come back sooner or later.

I couldn’t oppose it any longer since I could just endure it for a while.

I was curious to know what Valentina had to say about this film.

“What did Valentina say when she saw the script?”

“Tina also read the script and liked it better than the previous movies I made.”

“I’m glad you like it.”

It seemed that women liked romance more than men.

We had a light breakfast together and went into the annex.

I had to look around and see how the businesses I had acquired or founded were doing.

The electronic payment system I created initially faced strong resistance, but it has now become somewhat stable.

In Korea, people still prefer to pay face-to-face, but what can I do if I, as the owner, want to pay electronically?

The company I run is rapidly moving away from paper documents.

I saw the company turn upside down when they sent me electronic documents and created separate paper documents.

“The report from Toad F&B is that this month’s shipments have been shipped without a hitch, and WD Shipbuilding says that the FPSO is the problem this time too.”

FPSOs, which must operate in harsh marine environments, depend absolutely on the client’s opinion.

Even though I met all the requirements, they requested structural changes again without exception.

“This is going too far, doing this twice. I guess I’ll have to cancel the order.”

If you are blacklisted, you will not be able to place an order again.

I should be sorry if my skills are lacking, but what do I have to regret?

Even now, the drill ship was waiting with its number on it.

The FPSO, of which about 25% is built, can be deployed to Cantarell or the West Sea oil field if there is no one to take over later.

I called WD Chosun.

“How are you doing these days, Mr. Jeong?”

– I’m so busy with work that I’m out of my mind. Have you received the report?

“I just checked. Where is this order?”

– Ordered from BP.

“I see you ordered it for use in the North Sea oil fields.”

– Yes.”

“But why are you requesting a design change?”

– New measurements have shown that the waves and currents are more extreme, so we have requested design changes to increase stability.

“… … Doesn’t this make sense? You asked for the design and gave it to me?”

There are more than a few cases where the ordering party is tyrannical. Since they cancel the construction order if there is a problem, it is common for shipyards to accept design changes if possible.

– This kind of thing happens often. We signed the contract taking into account design changes, but if you insist on doing this, there’s no other way.

“Honestly, this is a ridiculous excuse, and I wonder what his true intentions are.”

– The UK’s North Sea oil fields are drying up fast. They are being depleted faster than we thought.

“You placed an order, but you’re making excuses because you no longer need it.”

-Yes, I think so. It seems like they are planning to catch the case and demand the deposit back.

“Okay, I’ll think about it some more and then get back to you.”

“Show me the map of the Iriel North Sea oil fields.”

A display that filled one wall of the office showed the oil fields that were abundant in the North Sea.

“Are they all British and Norwegian oil fields? The nearby area is the Netherlands, so I guess there aren’t any oil fields there.”

[They discovered massive gas fields in the 1960s and made billions of dollars in profits every year]

“Has the gas field dried up?”

[Most of the gas fields that had been developed dried up, and the sudden influx of large amounts of dollars had a huge impact on the economy. As the Dutch guilder was overvalued, manufacturing became less competitive, and as prices rose, workers who had a hard time making ends meet went on strike demanding wage increases, and the Netherlands fell into ruin. For a while, a new term, Dutch disease, was coined to describe the Netherlands’ misfortune after discovering resources. Norway, which discovered resources late, is responding wisely.]

“It seems Norway has learned a lot from watching Britain and the Netherlands.”

[It’s fortunate that we discovered it late. Norway is implementing a policy of creating a sovereign wealth fund and diverting the foreign currency it receives into overseas investment.]

Unlike the two countries that discovered oil and gas early and then suffered national collapse after exploiting it, there was a need to emulate Norway’s strategy of creating an oil fund and investing abroad.

“I guess the North Sea oil fields will be struggling for a while? I don’t hear any news of new oil fields being discovered.”

[At its peak, up to 6 million barrels of oil were extracted from the North Sea oil fields per day, but now the production has fallen to one-third of that level. The gas fields are still actively mined by the UK and Norway.]

“I will have to use the FPSO that has been built. I will use it in the West Sea Oil Field. Since I received a 30% deposit, I can think of it as having been built at a low price.”

[BP will ask for a portion of the deposit to be returned.]

“Tell the dog to stop eating grass.”

There was no reason or need for that. From now on, I will just not accept any orders coming from BP.

If it were another shipbuilding company, they would have tried to please them out of fear of it remaining as bad inventory, but I didn’t need to do that.

When we talked about Norway, something suddenly came to mind.

“It would be impossible for me to own all of the shares of Seohae Oilfield like I do now, right?”

[It would be a good idea to transfer a certain amount of shares to the government at a low price, but it would be better to create an oil fund similar to the national pension.]

It was a really stupid choice to hand over a certain stake to the state.

If you give politicians a lot of money, they will likely implement populist policies and end up with a second British or Dutch disease.

“Oil fund? How much equity should I allocate?”

[If it’s around 30%, it won’t make sense. The development of the West Sea oil field wasn’t solely for money, right? If additional oil fields are developed, that amount of share alone will be larger than the National Pension Service.]

“Is that possible?”

[The National Pension Service has poor operating returns. It manages the funds it collects too conservatively, so it will eventually run out of funds. The investment ratio in bonds is too high.]

“If we create an oil fund, where should we invest it?”

[You should invest in IT companies. Investing in domestic and foreign companies will not only bring profits but also have a greater impact in the future.]

“Does it really have to be like that? Can’t we just endure it? South Korea is a capitalist country, so is it possible for the state to step in and infringe on an individual’s property rights?”

To be honest, I felt it was a waste to take my share and create an oil fund. It was more of a waste than paying taxes.

[If there are many people with vested interests in oil, isn’t it true that in Korea, there is only one master? Since there are no complaints now, it seems like there is no problem, but if public opinion turns negative later, even if the government steps in and confiscates oil field shares under a pretext, there is no way under current law. In principle, minerals buried underground are state-owned. The best way to eliminate the possibility of complaints in advance is to create an oil fund.]

“Ugh, is there really no other way?”

It was a headache, but as Ariel said, creating an oil fund was the best option.

[No need to worry, you are making more money than you would with genetics.]

“What is he talking about? If he produces 1 billion barrels, that’s 30 billion dollars. He’ll make at least 10 billion dollars a year.”

[The amount of crude oil we are producing now is half of that. Let me briefly show you the earnings of the fund I am managing.]

The profits that Ariel has made by investing in the foreign exchange market have been revealed.

“Why did it increase like this? The investment period isn’t that long.”

The amount I invested by borrowing 7 billion won using my company shares as collateral has now exceeded 20 billion won.

[This is also the amount that I have minimized my profit while swing trading. If I had invested aggressively, it would have been more than this.]

The foreign exchange market is a completely zero-sum game.

If I profited, it means someone else lost.

“Well done. If you invest too aggressively, it’s easy to get noticed.”

[The foreign exchange market has many participants, so losses are spread out and it is easy to hide.]

“The snowball is going to roll fast. How much has the investment in IT companies increased?”

It’s hard to close the eyes at first, but once you get a big enough size, it grows exponentially.

[Since the stock price started to rise in the summer, the value of this side also increased a lot]

“Last time I checked, it was up to 12 billion dollars? Wow! It’s already up to close to 20 billion here.”

Even though I had been doing a lot of other things and wandering around, as the overall stock price began to rise, the stock prices of the companies I had invested in gained momentum and rose quickly.

[Starting next year, I plan to pursue short-term investments as well as investments that aim for dividend income.]