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LONDON (Reuters) - The head of Royal Dutch Shell’s (RDSa.AS) global refining operations Lori Ryerkerk will step down at the end of the month after five years in a job where she oversaw a vast overhaul of the business, according to an internal memo seen by Reuters. Ryerkerk will be succeeded by Robin Mooldijk, who currently serves as Vice President Manufacturing Americas, responsible for the Anglo-Dutch company’s refining and chemical plants in the United States, Canada and Argentina.
Ryerkerk played a key part in the transformation of Shell’s refining operations in recent years into a major cash generator, particularly during the 2014-2016 market downturn, That included the dissolution of the Motiva joint venture with Saudi Aramco last year, which saw Shell sell its stake in the Port Arthur, Texas, refinery to become sole owner of the Norco and Convent refineries in Louisiana, Shell sold other refineries and invested 3d luke skywalker helmet cufflinks billions in upgrading its operations in recent years to create three major hubs in the U.S, Gulf Coast, Rotterdam and Singapore..
Over the past 15 years, Shell has cut refining operations from 51 sites with a capacity of 4.4 million barrel per day (bpd) to 18 sites with 2.9 million bpd, Ryerkerk said in a presentation in March. “The consolidation of our footprint has focused on retaining increasingly complex sites, which offer crude grade flexibility, proximity to trading centers for full product-side flexibility, connectivity to material marketing demands, and strong integration with Chemicals manufacturing assets,” she said.
ULSAN, South Korea (Reuters) - When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day 3d luke skywalker helmet cufflinks and night and workers could make triple South Korea’s annual average salary, But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy (009540.KS) between 2015 and 2017 as ship orders plunged, To support their family, Lee’s wife took a minimum wage job at a Hyundai Motor (005380.KS) supplier, His 20-year-old daughter, who entered a Hyundai Heavy-affiliated university hoping to land a job in Ulsan, is now looking for work elsewhere..
The Lee family’s fortunes mirror the decline of Ulsan, which is now reeling from Chinese competition, rising labor costs and its over-reliance on Hyundai - one of the giant, family-run conglomerates or chaebol that dominate South Korea. Generations of Hyundai workers like Lee powered South Korea’s transformation from the ashes of the 1950-53 Korean War to an industrial and manufacturing powerhouse, making the southeastern port of Ulsan the country’s richest city by 2007. But some experts say the chaebols have now become complacent and risk averse, failing to keep pace with their overseas competitors.
South Korea’s focus on exports has also made Asia’s fourth-largest economy vulnerable to growing protectionism by major trade partners 3d luke skywalker helmet cufflinks and other external shocks, “Hyundai was everything to me, I feel hopeless,” Lee said at his apartment, a high-rise complex popular with Hyundai Motor workers 10 km (6 miles) from the automaker’s factory, With young people fleeing in search of jobs, Ulsan is now the fastest-aging city in the country, according to Statistics Korea, The city’s population of 1.1 million has more than quadrupled since 1970, but fell for the first time in 2016 even as population grew in the rest of the country..
In many ways, the challenges facing Ulsan mirror those faced in the American Midwest in the 1970s and 1980s, when the once prosperous industrial heartland was hit by massive job and population losses. Some experts and industry executives warn Ulsan - home to the world’s biggest shipbuilder and largest carmaking complex - might be South Korea’s ‘Rust Belt’ in the making. “It could be worse here, since it’s all about Hyundai and its suppliers,” said Mo Jong-ryn, a professor of international political economics at Yonsei University in Seoul. “There is no alternative.”.
Legendary businessman Chung Ju-yung founded Hyundai Motor in Ulsan in 1967 and Hyundai Heavy six years later, turning the small fishing village known for whale hunting into a giant company town, For decades, job seekers flocked to the city, drawn by high wages, company-subsidized housing and generous benefits, Hyundai’s dominance is 3d luke skywalker helmet cufflinks still keenly felt, Workers wearing gray Hyundai uniforms drive Hyundai cars, shop at Hyundai department stores, live in Hyundai apartments and go to Hyundai hospitals for medical service, Their children go to Hyundai schools and universities..