The Chaebol Who Flies From Space - Chapter 79



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The Tycoon Who Flies Into Space Episode 79

Episode 79 Oil Fund (3)

Minister of Strategy and Finance Oh Young clicked his tongue.

“He has the credit for discovering genetics, but isn’t he being too greedy? If he’s not careful, the fund he worked so hard to raise could disappear like a bubble. The people won’t stay still.”

“Is there a need to disclose to the public where the fund management rights are? Just say that an oil fund has been created and that’s it.”

“At the end of this administration, one big thing will happen. Wouldn’t the people be incredibly happy when they hear that an oil fund is being created?”

“That’s right. Who would say no to someone offering a free lunch?”

Secretary Lee Chang-jae, who was listening to the story, asked.

“How much does it cost? That’s the most important question.”

Chief Oh Seon-woo has already confirmed the operating details of Iriel Investment and has agreed with the Chief Secretary.

“This year, we will produce 500,000 barrels per day at the Seohae Oil Field, but next year, we will increase production to 1 million barrels. Then, we will have an annual income of 10 billion dollars, and the profit is usually 45%. 30% of 4.5 billion dollars, or 1.35 billion dollars, will go to the oil fund. When it was first created, the head of the investigation said he would pay the money with his own money.”

“So, you’re saying that Chairman Cho Yong-won personally contributed $1.35 billion to establish the initial oil fund, and that he will then use oilfield profits to fund the fund.”

“Yes.”

The chief secretary scratched his cheek.

“The oil fund is not as big as I thought. The president wants to announce it himself, but the amount is small.”

“Then did you think it would cost a huge amount of money from the beginning? It may not matter if it continues to accumulate in the future, but it won’t be a large amount for the first few years. That’s why operating profit is important. We have to hang on to the investigation director.”

“What does that mean?”

Oh Soo-seok distributed the documents he had prepared to those who attended the meeting.

“There is a company called Iriel Investment on Wall Street in the United States. It is an investment fund famous for its high returns, and its president is Jo Jo-jang. I heard that everyone who knows Wall Street is desperate to entrust their money to Iriel Investment. Here is a brief summary of the investment history. This information is confidential. Please return it to me after you have looked at it.”

Everyone who read the document shook their heads.

Vice Minister of Strategy and Finance Park Ki-young, who prides himself on knowing a lot about finance, became serious.

“Isn’t this a scam? How long does it take for the investment funds to grow like this?”

“Isn’t the initial investment money written there? If it was someone I didn’t know, I wouldn’t know, but this is the content of the investment made by CEO Cho Yong-won. Why would he lie about something he regrets?”

“It’s because the investment returns are unbelievable. Minister, do you understand how you can make this much money? Even Warren Buffett wouldn’t be able to make this much investment return in a short period of time.”

“What can I do? It’s really true. I also heard from a friend on Wall Street that the Iriel Investment Fund is a Korean fund. I wondered who created it, and it turned out to be President Cho Yong-won’s fund. I heard on Wall Street that the funds managed by Iriel Investment are growing at an incredible rate.”

The Vice Minister of Finance clicked his tongue in disbelief, but there were already several people he had worked with on several occasions.

“The investigator’s ability is amazing. Look at how he saved the failing Toad. Since he took over, Toad’s sales have skyrocketed. He’s exporting soju to China and Russia, earning a huge amount of foreign currency.”

“WD Shipbuilding also said that they are no longer accepting orders because their shipbuilding is overdue. The ships made by WD Shipbuilding are so energy efficient. They say that their fuel efficiency is over 50% better than existing ships. That is why foreign buyers are anxious because they cannot entrust WD Shipbuilding with shipbuilding.”

Praise for Jo Yong-won came from all over.

As the mood turned positive, the chief secretary stepped forward and made a conclusion.

“Then let’s make a decision. This means that he will use his own money to create a fund, so the people will get free money. Let’s stop bickering. We have verified his operational capabilities, so let’s do as he wants.”

The meeting became tense as the chief of staff left the conference room, saying he would report to the president.

The remaining people all gathered together instead of scattering, drank tea and talked about pending issues that had been pending.

Minister of Strategy and Finance Oh Young, who was talking with Chief Oh Seon-woo, spoke quietly.

“We are actively supporting the investigation team since they have expressed their intention to acquire Gyeongin Energy. How much more efficient will it be if Gyeongin Energy is combined with the West Sea Oil Field?”

“Kyung-In Energy’s operating rate is poor, isn’t it?”

“It hurts my mouth to talk about it. Isn’t this company in shambles because of the financial mischief of Hyundai Oil? They should save it, even if it’s just to save the facilities they invested in. The Incheon region’s economy is in shambles because of that place.”

Incheon, a city with a large population, must be having a hard time because Gyeong-In Energy is struggling, but Minister of Strategy and Finance Oh Young saw this as an opportunity to express his opinion.

Chief Oh Seon-woo looked at Minister Oh Young with a strange look.

“Minister Oh, are you trying to win the Incheon district in the next general election?”

Judging by the flinch, this was 100% true.

“Haha, I do plan on doing that.”

Now that it is the last, Minister Oh Young did not hide his intentions. Would a person who is the Minister of Strategy and Finance only aim for a seat in the National Assembly? It was obvious that he was aiming for the next position, the mayor of Incheon.

“Then, let’s hurry up since there is not much time left in my term. My last task while I am minister is to resolve the acquisition of Gyeong-In Energy.”

When Oh Seon-woo readily expressed his willingness to help, Minister Oh Young’s expression brightened.

* * *

“The view here is quite nice.”

“This is my first time buying a building. I’ve been moving around a lot because of the work.”

Even though I bought a building in Century City, I never had a reason to come back because I stayed in Texas.

WD Real Estate REIT has established a presence here.

Even now, the president of the real estate REIT is busy going back and forth to Midland to buy land there.

The chairman’s office, located on the top floor of the building, was clearly visible from far away as there were no high-rise buildings nearby.

It was Senior Secretary Oh Seon-woo who visited the United States representing the government for the oil fund agreement ceremony.

“It’s good to be busy when you’re young. I heard you and Jamie live in the same house.”

“Yes, that’s what happened.”

“Haha, it’s a hot topic in Korea too. By the way, the oil fund has gathered opinions just as the director wanted.”

“I see.”

“Minister Oh Young-ah said she wanted to see the investigation team once.”

“Me?”

“It looks like he’ll be running in Incheon in the next election. It looks like he’s trying to make a big deal out of handing over Gyeongin Energy to President Cho.”

Certainly, if there was Gyeong-In Energy in the local district, it would be a great help in the assembly election.

“If you help me with the takeover, I’ll have to make time for it.”

So I had a chat with Oh Seon-woo, the chief economic secretary.

Finally, he signed the papers creating the oil fund.

The oil fund was created just as I had originally envisioned.

As soon as the agreement ceremony was over, Korean newspapers and broadcasters reported extensively on the establishment of the oil fund.

The announcement was made by the president himself, perhaps considering it the last achievement of the current administration.

Public opinion flared when it was announced that a Korean overseas investment fund with an official name had been created.

– Someone explain to me what this means.

– What are you talking about? Jo Yong-won is investing some of the money he earns from the Seohae Oil Field in foreign stocks.

– why?

– Can’t you just give me that money? It’s hard to make a living.

– They are talking nonsense about helping the people’s livelihood with the money from oil sales.

– Why can’t we just invest all the money coming from genetics?

– If you were me, would you give away all the money you make from your company?

– Keep quiet. So you’re saying that a portion of the profits earned from operating funds will be distributed to Korean nationals starting 10 years from now.

– Oh my, there’s going to be a huge increase in people trying to naturalize as Koreans. There’s already been a lot of Joseonjok coming in these days.

– Why 10 years later? Can’t you give it to me right away?

– You idiot, you need to save up some money to get a big return on your investment.

– The initial founding capital was 1.6 trillion won. How much would that be if you divided that money up?

– Don’t you think about the number of Korean citizens? Even if we divide it up now, it won’t amount to much.

– Isn’t this populism?

– You say you’re going to distribute the money from the hereditary wealth to the people? That’s populism! That’s not even national property, it’s private property. Our country is a democratic capitalist country. Okay?

The Agora built in Dium was on fire.

I checked public opinion in the country by reading Agora at home.

“People’s reactions are very loud.”

[This is the expected reaction. It will only happen at first and will soon die down.]

It certainly seemed like things would go as Ariel had said.

“Because I don’t have anything in my hands right now.”

[Yes, I know that money is piling up in the fund, but it doesn’t have any effect on individuals.]

“Haven’t other oil fields been discovered? The West Sea oil field alone isn’t enough.”

[An unmanned exploration vehicle has already discovered a promising oil field in the waters north of Jeju Island.]

“So where exactly is it?”

[It is around Cheongdo, located between Jeju Island and Wando.]

“Hmm, the location is good, but what do you estimate the reserves to be?”

[It is a medium-sized oil field with a capacity of at least 5 billion barrels.]

“Okay. Nothing was found on the East Sea side?”

[The East Sea is relatively deep, making it difficult to develop oil fields.]

“I heard that there is a high possibility that there is a large oil field in Block 7?”

[Genetic signs are visible here and there, but it seems unlikely that there will be any large-scale genetic material on the scale the Master desires. Rather, there is bedrock developed on the high seas of the West Sea between China and the central region.]

“If that’s the case, it’ll be a pain to dig up. It’ll be difficult if we don’t get along with the Chinese kids.”

How much do I sell to China?

The recently developed energy drink is also being advertised extensively and is increasing its market share, but the market where it is truly selling in huge quantities is the Chinese market.

My brother-in-law Zhang Yilin’s fiancée, Jo Hui-in, moved quickly to acquire the trademark and bottler rights, and then secured a large-scale sales network throughout China.

At first, sales reached around 100 million bottles, but at some point, sales began to increase rapidly.

At first, the target audience was young Chinese women, but then Chinese men started drinking it in droves.

It was because of the embarrassing rumor that it was good to drink it before working at night.

At first, it was thought to be a ploy to sell ceremonial drinks, but the atmosphere changed as more and more people began to appear who had actually experienced it themselves.

The speed at which sales increased was so fast that people were saying it was crazy.

Production was not enough to support sales.

The rumor that started in China spread to the United States, where even older people sought out Ultra.

Although not as successful in China, it was also a huge hit in the United States.

“Does this really work?”

[Does the Master also need a drug that helps with night work?]

“What are you talking about? My body is so strong. I made it, but I didn’t know it would have such an effect. I’m just saying, is it really true?”

[At first, I thought it was a placebo effect. But when I looked at the changes in blood flow in my body after drinking it, it wasn’t absurd at all.]

“Really? Why does it have that effect? ​​There’s nothing special in it.

[I don’t know that either.]

I would have liked to have hit him once, but I couldn’t because he doesn’t have a body.

“In any case, we have to put the Yellow Sea oil field on hold. Even if it’s later, if we get into trouble with the Chinese, it’ll be a headache for me.”

[When will you reveal it?]

“How long will this good atmosphere last? As time goes by, there will come a time when our relationship with China will deteriorate.”