Chapter 9 – Good things are often accompanied by misfortune
“What is that?”
“Oil.”
Putin’s expression changed.
Currently, the only area where he had solid control was Gazprom.
Gazprom did not deal in oil.
And in 1994, Gazprom was set to be privatized and planned to acquire an oil company as a subsidiary.
“How did you know?”
How could I know? In the future, Gazprom also dealt in crude oil.
But I had to respond differently.
“Because that’s just how the situation is unfolding.”
Putin was surprised once again.
He thought Seon-su deduced the facts just from the current situation.
This was different from when Seon-su spoke about the future to become the President of Russia.
That had been a little abstract.
Something that seemed plausible.
But what Seon-su said now was something that was about to become a reality.
“I’m going to sell oil.”
This was the true purpose behind getting closer to Putin.
From one perspective, it would have been easier to continue getting quotas from Gazprom and selling gas to Europe.
But doing so could have faced resistance from existing companies that had received quotas.
Because it would mean taking away their profits.
“That’s true.”
Putin remembered what Seon-su had said about chaos.
Gazprom acquiring an oil company as a subsidiary.
Currently, Russia was not producing a lot of oil.
But oil could simply be produced in greater quantities.
Even if he backed Seon-su’s company, it wouldn’t be a big burden.
Because everything was in chaos.
“Alright.”
Putin liked Seon-su’s proposal very much.
It was because Seon-su offered a much larger rebate than he had imagined.
To be honest, when receiving a rebate, it wasn’t something he could keep all to himself.
He had to share it with a few others.
That way, there would be less noise.
“Gas won’t be much, but crude oil will generate a significant amount of money.”
He didn’t think he would be able to get a large amount due to existing trading companies.
So, he had set the gas rebate at 50%.
But Putin smiled slyly and said,
“It’s not going to be as you think, my friend.”
What do you mean it’s different?
What?
I wanted to ask why it would be different.
But I couldn’t. Putin had stood up.
And from somewhere, he brought out vodka and glasses.
He filled the glasses and, holding one up, he spoke to me.
“My friend.”
Putin was smiling brightly.
If that expression wasn’t an act, then it was certain I had gained his trust.
Things had gone as planned.
“My friend, Putin.”
And then Putin, smiling, said something chilling.
“Betrayal means Death.”
Even if he was smiling, the warning was genuine.
But I responded with a smile as well.
“I can’t betray you, even if I’m afraid of Death.”
“I trust my friends.”
Putin spoke as if convincing himself to trust Seon-su.
And he guaranteed it.
“We will make a lot of money. With resources.”
Putin was the first to drink the vodka.
Yes. We will make a lot of money.
***
After a brief drink with Putin, I returned to the hotel.
“Seon-su!”
Senior Jeong-seok seemed extremely worried.
In just a few hours, his face looked much older.
“Were you worried?”
“Of course, I was worried! They wouldn’t let me go out. The hotel phone was disconnected.”
It seemed like the people sent by Putin had ensured I couldn’t do anything.
“No one answered me when I asked when you’d be back. I was going crazy.”
“I’m sorry.”
“Sorry? You’re not hurt, are you?”
Suddenly, I burst out laughing.
“Why? Did you think I’d been tortured?”
“I thought it was possible. I had a lot of thoughts while you were gone. I think I understand why people say it’s dangerous and difficult.”
Jeong-seok was starting to understand why Samdo General Trading had not approved his project, considering the current unstable situation in Russia.
Being dragged somewhere and detained was not something he had ever imagined.
“It’s dangerous, but the rewards are great.”
“What’s the point of rewards if… Oh? Wait a minute…”
Jeong-seok noticed me smiling.
“Did it work out?”
“It worked out.”
“How? Tell me everything.”
“Hmm. Where should I start?”
I deliberately took my time.
“From start to finish.”
“Alright. So, you know that Putin, the man we met at the bar, is a person in a pretty high position, right?”
“Yeah.”
It was clear after we were dragged to Putin’s office.
But he still didn’t know exactly what position Putin held.
We went there with black hoods over our heads.
We were so tense that we ended up drinking without knowing much about our surroundings.
“Putin is the Chairman of the External Relations Committee of St. Petersburg.”
“….”
Lee Jeong-seok was so shocked that he couldn’t say a word.
Since it was challenging to tackle Gazprom directly, he decided to approach it through a politician.
That politician was connected to the External Relations Committee.
“I’ve secured a promise to get a quota from Gazprom.”
“Really?”
“Yes.”
Jeong-seok threw his arms up in celebration.
Then, he hugged Seon-su tightly.
“You did it. You really did it. Well done.”
“Senior, are you crying?”
“Ahem. No, I’m not crying.”
“Your voice sounds…”
Even his nose was sniffling.
“I’m telling you, I’m not crying.”
Jeong-seok had become overwhelmed because what everyone said was impossible had finally been achieved.
To be honest, his confidence had been waning more and more.
But Seon-su made it happen.
“Seon-su, I’m really grateful. It’s all thanks to you. Without you, none of this would’ve been possible.”
“I couldn’t have done it without you, either, Senior.”
Without coming all the way to St. Petersburg, I wouldn’t have had the chance to meet Putin.
“You really know what to say, don’t you?”
“I mean it.”
“I’m serious too. So, when will we get the quota?”
“That’s something you need to prepare, Senior.”
“Me?”
“Yes, you’ve handled the trade side, right?”
He’s only ever worked at a construction company.
The trade side of things was more of Senior Jeong-seok’s expertise.
“That’s true.”
“Here’s how it’s going to work…”
You can’t just sign a contract with Gazprom. There’s a procedure even here.
First, we’ll sign an MOU (Memorandum of Understanding) with the city of St. Petersburg.
Of course, under the name of Singapore’s Dream Company.
Then, we’ll officially issue an LOI (Letter of Intent) to Gazprom.
Gazprom will allocate the gas quota.
“When the quota is decided, you can start negotiating with the companies that want to purchase it.”
Jeong-seok’s jaw dropped.
“Is that even possible?”
“Putin said he’ll make it happen.”
What surprised Jeong-seok was the payment part for the gas purchase.
The European companies that want to buy it will send money directly to Gazprom for the gas.
Usually, it doesn’t work like this.
You typically have to pay a portion of the gas amount upfront or open an L/C.
You have to provide a guarantee that the gas payment can be safely made.
“How much quota are we talking about?”
“It hasn’t been decided exactly yet. It’s the first deal, and our company is small with no track record, so it could be less than expected.”
“That’s understandable.”
Even if we got a quota thanks to our relationship with Putin, it’s clear that it wouldn’t be a large amount.
“Still, we can use this opportunity to increase our share gradually. The first deal is always the hardest. It gets easier from the second one onwards.”
As long as we pay properly, the business will surely continue.
And the main goal is actually oil.
“A staff member from the External Relations Committee will be visiting. Please prepare the MOU with them.”
“Got it.”
Jeong-seok was so excited that he felt like dancing.
***
Senior Jeong-seok finished discussing and finalizing the MOU with the city of St. Petersburg.
However, the MOU didn’t specify the gas quota amount.
Even the staff didn’t know the exact details.
His instructions were simply to draft an External Cooperation MOU between the city of St. Petersburg and Singapore’s Dream Company.
It included tourism, industrial investment, and so on.
Gas sales were also part of it.
Although gas sales were the primary purpose, it seemed like they added these elements for appearances.
Now, the official MOU signing was the only thing left.
For that, Senior Jeong-seok and I went to the St. Petersburg City Hall.
***
“Smile.”
I was shaking hands with Putin while holding the MOU certificate.
Click.
Flash.
The camera flashed.
I spoke, barely moving my lips.
“Friend, do we really need to do this?”
Putin also responded with barely moving lips.
“Of course.”
I felt like sighing.
The MOU signing would be reported in the St. Petersburg newspaper.
It would also be featured on the local news.
They said a company from Singapore had established a cooperative relationship with the city of St. Petersburg and would be making significant investments.
I had no such plans.
Putin said not to worry since it was just a public announcement.
The MOU signing was complete.
The photo shoot was done.
Afterward, Senior Jeong-seok and I headed to Putin’s office.
***
Putin’s office felt familiar.
It was the same place we were dragged into before.
Senior Jeong-seok seemed a bit nervous.
Putin smiled at Senior Jeong-seok. Then, he took out some documents from his desk and handed them to me.
“Friend, you can proceed like this.”
I wondered what it was.
But as soon as I saw the documents, I understood.
The LOI (Letter of Intent) to be sent to Gazprom.
Putin had kindly prepared everything.
“Let’s take a look.”
I positioned the documents so that Senior Jeong-seok could see them too.
The first page wasn’t much.
The second page, however, was the real deal.
Senior Jeong-seok was stunned.
“How much? 20 million CBM?”
I was surprised too.
I thought it would be around 5 million CBM at best.
But 20 million CBM?
CBM stands for cubic meters. It’s the volume of a cube with a width, height, and depth of 1 meter.
Since gas is a vapor, its volume is calculated in terms of cubic measurements.
To put it simply, it’s like having 20 million cubes, each measuring 1 meter in width, height, and depth.
That’s an enormous amount.
“Huh?”
Senior Jeong-seok looked shocked again.
“Seon-su, the price…”
“It’s $17 per CBM.”
Currently, the international gas price was around $18.87.
It could even exceed $19.
Even if we sell at the international gas price, we’ll still make a profit of $1.87 per CBM.
If we sell at a slight discount and make just $1 per CBM, we’d still net a profit of 20 million dollars.
Not revenue, but pure profit.
The total revenue would be approximately 370 million dollars.
That’s over 300 billion won in Korean currency.
A company with no prior performance would suddenly achieve sales of over 300 billion won.
“Is this… real?”
I looked at Putin in response to Senior Jeong-seok’s question.
Putin replied:
“It needs to be around this much to facilitate other transactions.”
It seemed like Putin was already considering oil deals as well.
And also the 50% rebate that would go to him.
If the gas sales profit is $2 per CBM, Putin would receive 10 million dollars.
“And this.”
Putin handed over another document.
It was a list of companies.
“Pick any company you like.”
Senior Jeong-seok looked at the list and spoke.
“This is a list of European gas companies.”
It was clear that even the buyers had been prepared.
“There’s even a company I’ve contacted before.”
Senior Jeong-seok pointed to a particular company on the list.
Putin then said:
“Made your decision? It’s a good company.”
The company Senior Jeong-seok pointed to was Ruhrgas, a German gas company.
They even had a branch office in St. Petersburg.
Putin’s approval meant that it was a company he could exert influence over.
“If we sign the contract, I’ll probably give you 30% of the quota first.”
It wasn’t probably; it was certain.
Putin had taken care of everything that lay ahead.
There was only one thing I could say to him.
“Friend, Thank You.”
Putin shrugged his shoulders.
“I just did what needed to be done. Just keep your promises.”
Of course, I have to keep them.
If I don’t, he might really send an assassin out of betrayal.
“Of Course.”
In the beginning, it was tough to get close to Putin.
But now, thanks to him, everything has become much easier.
If I want to meet Gazprom and the German gas company Ruhrgas for the contract, I’ll have to stay in St. Petersburg a little longer.
***
Samdo General Trading
Executive Director Lee Min-ho was waiting for someone in his office.
Soon, there was a knock on the door, and the expected guest entered.
“It’s been a while, Executive Director Lee Min-ho.”
“Don’t call me that. Just call me ‘Hyung.’”
“I can’t do that.”
The visitor was Executive Director Lee Min-sik from Samdo General Construction.
He was currently serving as the acting CEO of Samdo General Construction.
The two of them were cousins of the same generation.
“By the way, is it true?”
Executive Director Lee Min-sik sat on the sofa and asked.
Executive Director Lee Min-ho nodded.
“It seems the group has decided on that course of action.”
The expression of Executive Director Lee Min-sik from Construction hardened.
The rumour about Samdo General Trading absorbing Samdo General Construction had turned out to be true.
“That’s why I called you.”
“If it’s the group’s decision, I’ll have to follow it… But is there no way out?”
He thought he would be the new CEO.
If the company gets absorbed by Samdo General Trading, the position of CEO would disappear.
“There’s no way out. They say they won’t give any more construction projects to Samdo General Construction in the Gyeongnam region, and the reputation is in shambles.”
They tried to cover it all up by using Seon-su as the scapegoat.
But that only solved the legal issues.
“Once Trading absorbs Construction, we’ll see if we can separate them again afterward.”
Those words couldn’t be trusted.
Given the current situation, there was no chance they’d separate the companies again.
But then, something caught Executive Director Lee Min-sik’s eye.
“What’s this? A newspaper?”
“From Russia.”
“Russia? Then why is Seon-su in it?”
It was a newspaper published by the city of St. Petersburg.
“Do you know this person?”
“Yeah, until recently, he worked for our company.”
Because of Putin’s public announcement, Samdo Group learned about what Seon-su and Jeong-seok had accomplished.
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