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FORMAX

Strengthening win-win cooperation on Oil Information Service between public enterprise and private affiliates.

Korea National Oil Corporation(KNOC) recently announced a plan to promote commercialization of gas station oil information services nationwide with its partners. This is an example of creating new business opportunities by combining the data held by KNOC with several private services, and it will also provide important implications for mobility/transportation information service companies.



The real-time price information of gas stations nationwide provided by KNOC is the essential driving data which allows drivers to find lower-priced gas stations around the route. Actually, it has already been provided to many drivers through FX Traffic platform since 2022, and now, FX Traffic will go a step further and create new value at the heart of the data ecosystem by providing differentiated necessary information for drivers.

In addition, with this conclusion of agreement, Formax Network plans not only to secure the scalability of the FX Traffic platform through strategic API collaboration and data fusion/analysis in the future, but also to create various opportunities for cooperation with KNOC.

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