Chapter 5
“Do you have a company set up there? What kind of company? Don’t tell me you already had something lined up?”
This guy’s misunderstanding.
“I didn’t have something lined up, I established one.”
“Established? What do you mean?”
“I mean, I set up a company.”
Lee Jeong-seok couldn’t understand.
“Wouldn’t it be difficult to secure a contract with Gazprom if you established the company in Korea?”
“Who said I set up the company in Korea?”
“Then where?”
“I established a corporation in Singapore.”
“In Singapore? Really?”
“Yes.”
At the mention of Singapore, Lee Jeong-seok felt that it might actually be possible.
When he worked at Samdo General Trading, he learned quite a bit about Singapore as well.
It’s the central hub for the Southeast Asian energy market.
Not to mention, it’s also a financial hub.
If they could just secure a contract with Gazprom, it might even be possible to get an L/C (Letter of Credit) from a Singaporean bank.
However, there was one concern.
“How much capital do you have…?”
“Around 1.2 million dollars.”
Lee Jeong-seok was taken aback.
1.2 million dollars would be around 1 billion won at the current exchange rate.
It’s not an enormous amount of capital, but it’s not small either.
“My plan is to secure a contract with Gazprom, then use that contract to open an L/C at a Singaporean bank. Or, I could secure a supply contract with a European company first and then use their L/C to pay Gazprom.”
Lee Jeong-seok couldn’t help but nod.
Both options that Lee Seon-su mentioned were possible.
Because it was Singapore, not Korea.
If it were a Korean bank, they wouldn’t open an L/C even with a contract unless a deposit was provided upfront.
Suddenly, a thought occurred to Lee Jeong-seok.
“Seon-su… If you’ve established a company in Singapore… wouldn’t you be able to do this alone, without me?”
The business plan he had devised didn’t seem necessary for Lee Seon-su anymore.
It was because he originally intended to do it through a Korean company.
Moreover, the contract with Russia’s Gazprom seemed possible even without him if Lee Seon-su could move independently.
He knew the contents and had the capital.
“I can do it alone.”
“That’s what I thought.”
This guy really enjoys teasing me sometimes.
“But that wouldn’t be right.”
“What?”
“Who came up with this business idea in the first place? Wasn’t it you, senior?”
“Well, that’s true. But it’s not about who thought of it first, it’s about having the capability to execute it.”
“Do you think you lack that capability?”
When Lee Seon-su looked at him, it was clear his confidence was dwindling.
“I’m not some scumbag. I established a company in Singapore because I wanted to work with you, senior.”
“Really?”
“Yes. And I plan to establish a trading company in Korea as well.”
“In Korea?”
“Yes. I want you to become the president of the Korean trading company, Senior.”
“But why establish a trading company in Korea? Isn’t one company in Singapore enough…?”
The trading company in Korea would be the bridgehead.
It would allow the funds from the Singaporean company to flow into Korea.
In fact, one of the reasons he set up the company in Singapore was because of taxes and thieves.
Korea imposes a heavy tax burden.
And there are opportunistic thieves everywhere, trying to grab money any way they can.
Of course, if necessary, he’d pay.
But he wanted to choose whom to pay and when.
“We should do business in Korea too. I’m not just thinking about gas contracts.”
“What do you mean?”
As far as he remembered, Gazprom also handled crude oil.
But in 1993, they weren’t yet dealing with oil.
If he could go to St. Petersburg and meet Putin, build a relationship with him, the chances of dealing in crude oil would significantly increase.
No, he intended to make it possible to sell oil as well.
But he couldn’t tell this to Senior Jeong-seok just yet.
He’d think I was crazy.
“Russia doesn’t only sell gas, right?”
“Don’t tell me… Oil?”
As expected of someone with experience in the energy sector, he caught on quickly.
“Yes. There are many refineries in Korea, right? If we can secure a supply of crude oil, there are plenty of places to sell it.”
“Not just in Korea. There are plenty of refineries in China and Japan too. Especially in China, they’re increasing their oil import volumes every year.”
China wasn’t only increasing its oil imports.
They were also increasing their coal imports for thermal power generation.
They were becoming a major player in the global energy market.
“But is it really possible? Just like with gas, there’s a quota system for oil as well.”
It’s the right to sell a certain quantity of gas or crude oil.
Securing that right wasn’t easy.
But with Putin…
“Let’s go and figure it out. Don’t think it’s impossible.”
Lee Jeong-seok felt that once again, he was being too hesitant.
“You’re right. We have to believe it’s possible and go for it.”
“Prepare yourself. We’re going to head to St. Petersburg as soon as possible.”
“Really?”
“Yes.”
“I’m all for it. But what’s the name of the company you established in Singapore?”
The company was named after something that served as the foundation for everything.
“DREAM Company.”
“DREAM Company? A Company of Dreams?”
“To be exact, it’s a company that makes dreams a reality.”
“I like it.”
Lee Jeong-seok felt a sense of hope for the first time in a long while.
“Even if we’re going to work, we can’t just let today pass without doing something.”
He had a chilling feeling.
“What are you planning?!”
Lee Jeong-seok opened the master bedroom door and shouted,
“Honey, I’m heading out with Seon-su for a bit!”
So, he’s going out to drink.
But his wife was a step ahead.
“I’ve already set up the table with some drinks. Just drink here, don’t waste money outside. We have plenty of side dishes.”
There were japchae, galbi, and even jeon prepared.
“Uh… should I?”
“Yes, do that. I’ve bought plenty of soju and beer, so drink as much as you want.”
It seemed like she had prepared everything while they were talking in the bedroom.
“Yeong-jun is with my mother, so he’s taken care of.”
She was hinting that she wanted to drink with us too.
Senior Lee Jeong-seok looked at me awkwardly and said,
“Should we just go out instead?”
“If you want to give up on having hangover soup in the morning, then sure, go ahead.”
Senior Lee Jeong-seok waved his hand dismissively.
“I don’t think the issue is the hangover soup….”
Right, you understood perfectly.
“Let’s just hurry up and drink here before your wife gets mad.”
“Shall we?”
Watching Senior Lee Jeong-seok leave with a wide smile, I felt a strange sensation.
After returning to Samdo General Trading and becoming an executive, he once said, “I wonder what would have happened if I made a different choice.”
I clearly remember it.
His expression didn’t look happy at all back then.
But now, he looked genuinely happy.
***
“Seon-su… I honestly didn’t think you’d actually come.”
“Why wouldn’t I come for real? What, would I come as a fake? But it’s harder than I thought.”
It was different from when I went to Singapore.
Even if you leave Korea late, you can get there in five hours at most.
But there was no direct flight to St. Petersburg, so we had to transfer in Europe.
We arrived 26 hours after departing from Korea.
“I don’t feel tired at all.”
For Lee Jeong-seok, the joy of coming to St. Petersburg to pursue the business he planned outweighed any physical fatigue.
“I’ll take the lead from here.”
I left the accommodations and schedule in St. Petersburg to Senior Jeong-seok.
In his somewhat clumsy Russian, he hailed a taxi and directed us to the hotel he had reserved.
After arriving at the hotel, we unpacked and took a quick shower.
“Ahh, that feels refreshing.”
Senior Jeong-seok didn’t seem to care much about the hotel’s rather poor facilities.
“We’re going to Gazprom tomorrow, right?”
“Yes, we’ll go to Gazprom and tell them that Korea—or rather, our company—wants a gas quota.”
He was full of enthusiasm.
But that enthusiasm wouldn’t last long.
Why would Gazprom trust a newly established company enough to give them a gas quota?
He was approaching it from the wrong angle.
We needed to find Putin.
And I had seen the hint in a dream.
“Let’s get a good rest tonight. Things are going to get tough starting tomorrow.”
Lee Jeong-seok knew it would be difficult.
But he wasn’t planning to give up and was determined to keep knocking on doors.
That’s the only way he could prove himself to Lee Seon-su and face his wife with pride.
“Right. But before that…”
Senior Jeong-seok stopped before lying down and looked at Lee Seon-su.
“Before that?”
“Don’t we have something to sort out?”
“Sort out what?”
Since being invited to join the business, Senior Jeong-seok hadn’t brought up the topic of the company again.
To be precise, he hadn’t talked about profit distribution.
“The company.”
“Which company?”
“DREAM Company.”
“Ah, that.”
Senior Jeong-seok just smiled.
“If this venture is successful, wouldn’t it be fine to discuss it then?”
If it’s going to succeed, we should sort things out quickly.
If we don’t clarify things now, situations contrary to expectations may arise.
“I believe it’s going to succeed. That’s why I want us to sort things out clearly about the company now.”
Senior Jeong-seok just laid down on the bed.
“What’s there to sort out? It’s a company you built with your own money. Should I be asking for shares? I just want to complete this venture, get my success fee, and then become the president of the trading company you set up.”
“You might want shares.”
“Not me. You even covered all the costs for coming here. To be blunt, I’m practically just an employee. If an employee does a good job and gets a bonus, that’s all there is to it.”
“Don’t you have any ambitions?”
Senior Jeong-seok sat up.
“Who wouldn’t? Of course, I do. But I think knowing when to be ambitious is just as important. That company in Singapore is yours. All I did was select the business item. The rest was all you.”
That’s why I wanted to work with Senior Jeong-seok.
If this mindset and heart stay unchanged, that would be ideal.
No, ensuring they remain unchanged would depend on how I handle things moving forward.
“How about giving you 30% of the Korean trading company’s shares?”
“You’re going to make me president and give me shares, too?”
“Yes.”
“If you’re giving it, of course, I’d be happy.”
Singapore’s DREAM Company would hold 40% of the shares, and I’d hold 30%.
I’d still be a majority shareholder.
Senior Jeong-seok wouldn’t be able to do anything to the company.
Holding 30% of the shares, Senior Jeong-seok would treat it like his own company.
“There’s one more reason why I need this venture to succeed.”
Senior Jeong-seok laid back down with a smile.
“Thank you.”
Out of the blue.
“What are you talking about?”
“Thank you for bringing me this far. And for believing in me…”
“Don’t say such embarrassing things. I’m doing this because I believe it’s a worthwhile business. I’m colder and more rational than you think.”
“Pfft.”
“Why are you laughing?”
“You say you’re cold and rational, yet you’re giving me 30% of the shares without any investment?”
“I’m giving them to you so you’ll work hard.”
“Fine. I’ll work hard, CEO.”
“Do that, Executive Director.”
We couldn’t just go to Gazprom without any titles.
So, I made Senior Jeong-seok the Executive Director.
“Get some rest. Starting tomorrow, it’s going to be a tough schedule, CEO.”
“Yes, sleep well, Executive Director.”
I lay down on the bed.
Honestly, the only one facing hardships is you, Senior Jeong-seok.
***
“Haah, I didn’t expect it to be like this.”
It was natural for us to be turned away since we showed up without an appointment.
We couldn’t even get past Gazprom’s entrance.
“At least they’ll pass along our business cards.”
“I guess? Let’s come again tomorrow.”
We both knew they wouldn’t.
“Let’s do that.”
We left Gazprom and returned to the hotel.
And in the evening, we toured around St. Petersburg.
We visited them for five days like this.
***
“Is it really impossible?”
Lee Jeong-seok looked at the DREAM Company business card with a vacant gaze.
Maybe it’s because it’s from an unknown company.
Would things have been different if it were a business card from Samdo General Trading?
“Should I just use my old business card?”
“Old business card?”
“Yes. From the 3rd team of the Energy Business Department at Samdo General Trading. They’re pretty well-known in Europe.”
That’s probably how Senior Jeong-seok got into Gazprom under the name of Samdo General Trading in the past.
“No, you can’t.”
“Right?”
Even as he replied to me, I could see Senior Jeong-seok’s mind was elsewhere.
“We’ll use Samdo General Trading’s name to get in first. We can do it.”
“Senior… is that really what you want to do?”
“I don’t want to, of course. But we need to achieve results no matter what. If I have to bend the rules, so be it.”
“You might get sued for using Samdo General Trading’s name.”
“No, I have a way around that. We can bring in Samdo General Trading as a middleman. Once we succeed with one deal, it’ll be easier from there.”
“And then, fully switch to DREAM Company in the next deal?”
“Exactly.”
“Senior, do you think it’ll be that easy?”
“Why?”
“Do you think Samdo General Trading would just let us go if this venture becomes profitable? They’d go ahead without us.”
Senior Jeong-seok nodded.
“You’re right. That’s very likely.”
“Senior, why don’t we approach this differently?”
“Differently? How?”
“I heard there’s an External Relations Committee at St. Petersburg City Hall.”
“What’s that?”
“It’s a committee aimed at attracting foreign capital, investment, and improving external relations.”
“Really? How do you know that?”
“I did some research.”
In truth, it was something I saw Senior Jeong-seok mention in a dream.
So, I looked into it.
“You know Gazprom is a state-owned company, right?”
“Of course, I researched the company first. Wait…”
Senior Jeong-seok suddenly realized something.
“If it’s a committee under City Hall… then it involves politicians?”
“Probably?”
“It might be possible then. But what grounds do we have to approach them? We don’t have investment money.”
“It’s not just about investment. External relations are also part of it. We’ll go as representatives of Korea.”
“Do you think it’ll work?”
“It will.”
“Alright, let’s try it.”
It’s different from what Senior Jeong-seok imagined.
Just showing up there won’t get us anywhere.
“Shall we have some vodka to raise our spirits?”
“Really?”
Senior Jeong-seok had wanted to drink vodka for a while.
But since things weren’t progressing well, he held back.
“Let’s have a wild night of drinking. Then we’ll rest for a day and get back to work. We need to take breaks while we work.”
“Shall we do that? Actually, I know a bar I’ve been eyeing.”
“Let’s go then.”
I’d seen Senior Jeong-seok checking out bars every time we toured around.
That’s our destination.
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