State-run public utility firm Korea Electric Power Corp., and other public utility corporations, offered support to the 2018 PyeongChang Winter Olympics by signing a sponsorship deal and by providing related infrastructure.
In August, KEPCO inked a sponsorship deal to become the first public firm to support the Winter Olympics.
As a "Tier One" partner, KEPCO reserves a wide range of marketing rights, including the use of intellectual property and right to the PyeongChang's logo in their advertising campaigns.
The organizing committee for PyeongChang declined to disclose the amount of the sponsorship contract, citing International Olympic Committee regulations on Olympic sponsors.
Lee Hee-beom (L), head of the 2018 PyeongChang Winter Olympics Organizing Committee, and Cho Hwan-eik, CEO of Korea Electric Power Corp. (KEPCO), pose after KEPCO became a sponsor for PyeongChang 2018 during the signing ceremony in Seoul on Aug. 23, 2017. (Yonhap)
But KEPCO and its six affiliates reportedly vowed to offer a combined 80 billion won ($71 million) worth of support.
KEPCO has been in charge of building electricity-related facilities for the international event since 2015. The energy firm also vowed to ensure the smooth installation and operations of energy-related facilities during the Winter Games.
Last year, PyeongChang struggled to draw financial support from both private and public corporations. PyeongChang's efforts were hampered by a major political scandal involving former President Park Geun-hye and her longtime friend, Choi Soon-sil.
The scandal had a trickle-down effect on PyeongChang, as companies grew reluctant to open their wallets to sponsor the Winter Olympics.
Following Park's impeachment and arrests of other principal figures in the scandal, PyeongChang turned the corner. Chief organizer Lee Hee-beom has been busy meeting with corporate leaders this year. President Moon Jae-in, also an honorary ambassador for PyeongChang 2018, called on public corporations to step up to help.
Korea Gas Corp. also completed the construction of gas pipes for facilities used during the Olympics. KOGAS also has been providing 200 million won to sponsor the biathlon since 2014. (Yonhap)