SEOUL, Dec. 10 (Korea Bizwire) — The industry ministry on Wednesday asked major oil companies to refrain from engaging in drastic price hikes amid recent volatility in global energy prices, officials said. The request was made during a meeting with four major domestic oil refineries, including SK Energy Co. and GS Caltex Corp., and related [...]
SEOUL, Nov. 26 (Korea Bizwire) — Lotte Chemical Corp. and HD Hyundai Chemical said Wednesday they have finalized a restructuring plan to reduce the capacity of naphtha cracking centers (NCCs) in an industrial complex in the central region as part of nationwide efforts to reform the petrochemical industry. The companies said in regulatory filings that [...]
SEOUL, Nov. 24 (Korea Bizwire) — SK earthon Co., a South Korean oil exploration and production (E&P) company, said Monday it has acquired a stake in a potential oil block in Indonesia as part of its efforts to expand overseas E&P activities. SK earthon said it has taken over a 34 percent stake in the [...]
SEOUL, Nov. 17 (Korea Bizwire) — Natural gas prices have surged to their highest level in nearly three years, lifting related exchange-traded notes (ETNs) while exposing South Korean retail investors to mounting losses after many bet on the market moving in the opposite direction. Between Nov. 1 and 14, nine of the ten best-performing ETNs in [...]
SEJONG, Oct. 26 (Korea Bizwire) — A major offshore gas development project in the East Sea has been thrown into uncertainty as the South Korean government moves to reassess plans that the state-run Korea National Oil Corporation (KNOC) had been pursuing with British oil giant BP. Industry officials said Sunday that the Ministry of Trade, Industry [...]
SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s petrochemical sector, battered by an oversupply wave from China and the Middle East, remains deadlocked over restructuring plans despite government pressure and mounting financial strain. More than a month after companies agreed to draw up detailed restructuring blueprints by year’s end, no tangible progress has been made. [...]
SEOUL, Aug. 6 (Korea Bizwire) — Samsung E&A Co., a plant engineering arm of Samsung Group, said Wednesday it has won a 36 billion-won (US$26 million) order for the initial design and planning of a liquefied natural gas (LNG) project in Indonesia. Under a letter of award, the company will carry out front-end engineering design [...]
SEOUL, June 24 (Korea Bizwire) — In a striking display of corporate soft power, Saudi Aramco, the world’s largest oil producer, is leading a campaign to reduce plastic waste at baseball stadiums in Seoul—an unlikely green initiative from a company synonymous with hydrocarbons. Aramco Korea announced Tuesday that it will expand its reusable container program to [...]
SEOUL, June 23 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) said Monday it is closely monitoring the global oil supply and preparing for the possible release of oil reserves following reports that Iran is pushing to close the Strait of Hormuz. “We began 24-hour monitoring of changes in international oil prices and [...]
SEOUL, June 19 (Korea Bizwire) – South Korea’s energy supply has yet to experience any disturbance from the Israel-Iran conflict, Seoul’s industry ministry said Thursday, noting it is maintaining an emergency mode in response to escalating tensions in the Middle East. The Ministry of Trade, Industry and Energy held an emergency meeting with officials from [...]