SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s biggest coal mine, Jangseong Coal Mine, formally closed Friday, 88 years after it opened, as coal output declined with the nation shifting toward greener energy sources. The anthracite coal mine in Taebaek, some 180 kilometers east of Seoul, began operations in 1936 during Japan’s colonial rule of [...]
SEOUL, Aug. 22 (Korea Bizwire) – SK Innovation, a leading South Korean energy and chemical company, conducted a groundbreaking oil spill response drill on August 20 at its SK pier near the Ulsan Complex, the company announced on August 21. This marks the first time a private company in South Korea has employed robotics in such [...]
SEOUL, Aug. 8 (Korea Bizwire) — SK earthon Co., a South Korean oil exploration and production (E&P) company, said Thursday it has joined a project to build a submarine carbon storage facility in Australia in its business diversification strategy. SK earthon invested in 20 percent of the project, with InCapture, an Australian carbon capture and [...]
SEOUL, Jul. 16 (Korea Bizwire) — The industry ministry said Tuesday it has asked the country’s four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., [...]
SEOUL, Jul. 9 (Korea Bizwire) — POSCO International Corp. said Tuesday it has completed the construction of a liquefied natural gas (LNG) terminal, marking the first such facility operated by a private business. The trading and energy unit of South Korea’s top steelmaker, POSCO, said the completion of the terminal, which includes six storage tanks, [...]
SEOUL, Jul. 1 (Korea Bizwire) — The government decided to put on hold a plan to raise gas prices this month despite the mounting losses of the state-run Korea Gas Corp. (KOGAS) to ease the financial burden on people amid economic uncertainties, officials said Monday. South Korea has been reviewing raising gas prices supplied by [...]
SEOUL, Jun. 20 (Korea Bizwire) — SK Innovation Co., South Korea’s leading refiner, said Thursday various plans, including a merger, have been under consideration to bolster its competitiveness, but no decision has been made. A company spokesperson at SK Innovation made the remarks after the Chosun Ilbo newspaper reported, citing industry sources, that the company [...]
SEOUL, June 17 (Korea Bizwire) – The government will extend the tax cut on fuel for automobiles by an additional two months but lower the cap for the reduction in consideration of global oil prices, inflation and the dwindling tax revenue, the finance ministry said Monday. South Korea has applied a 25 percent discount on [...]
SEOUL, Jun. 14 (Korea Bizwire) – An analysis by the American consulting firm Act-Geo of seismic data from a deep-water energy exploration project in the East Sea has sparked controversy, with questions emerging about the verification process and accuracy of claims made by the firm’s adviser. Vitor Abreu, an adviser to Act-Geo, which was hired to [...]
SEOUL, Jun. 14 (Korea Bizwire) — South Korea is ready to work with foreign partners to develop potential oil and gas reserves in the East Sea, the chief of the state-run Korea National Oil Corp. (KNOC) said Friday. Earlier this month, the government announced that it has found potential oil reserves in the East Sea, [...]