November
Established Gukdong Petroleum Industry Corporation – the first private petroleum-refining company in Korea.
January
Changed the company name to Gukdong-Shell Petroleum Co., Ltd.
May
Changed the company name to Gukdong Petroleum Co., Ltd.
November
November:Changed the company name to Gukdong Oil Refinery Co., Ltd.
July
Changed the company name to Hyundai Oil Refinery Co., Ltd.
June
Introduced the brand “Oilbank”.
January
Separated from the Hyundai Group as an affiliate.
April
Changed the company name to Hyundai Oilbank Co., Ltd.
March
Began operations at the Jeju oil storage with a capacity 52 000 barrels.
December
Received the 15th Corporate Innovation Award from the Korea Chamber of Commerce and Industry.