SEOUL, Jun. 11 (Korea Bizwire) — The chief policymaker of the main opposition Democratic Party said Tuesday no extra budget should be allowed for a project for potential offshore oil and gas reserves in the East Sea unless relevant data is submitted. The remark came amid growing controversies surrounding Act-Geo, the U.S. geoscience firm that [...]
SEJONG, Jun. 7 (Korea Bizwire) — A potential discovery of oil and gas reserves off South Korea’s East Sea is “highly prospective,” Vitor Abreu, the owner of the U.S. geoscience research company Act-Geo behind the project, said Friday, citing the presence of hydrocarbons in the offshore fields. “So to summarize … the basin is highly [...]
SEOUL, Jun. 4 (Korea Bizwire) — The owner of U.S.-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul’s newly envisioned offshore oil and gas exploration project on the east coast. On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the [...]
SEOUL, Jun. 4 (Korea Bizwire) – As the era of artificial intelligence (AI) intensifies the demand on data centers, the immersion cooling market for cooling overheated electronic devices is gaining attention. Immersion cooling fluids are non-conductive lubricants traditionally used by oil refiners, who are now rushing into this emerging business en masse. According to industry analysts, [...]
SEOUL, Jun. 3 (Korea Bizwire) — President Yoon Suk Yeol said Monday that a potentially massive oil and gas reserve could be buried off the southeast city of Pohang and drilling will begin later this year to determine whether it is real. The reserve off Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul, [...]
SEJONG, May 22 (Korea Biziwre) — The head of the state-run Korea Gas Corp. (KOGAS) on Wednesday highlighted the need to gradually raise gas prices as early as possible, ahead of the winter season, to mitigate the impact of the hike on consumers. The remark came as KOGAS has been facing financial difficulties due to its inability to raise utility costs enough to address fluctuations in the global market for liquefied natural gas. “KOGAS is currently maintaining its operations through loans due to the [...]
SEOUL, May 8 (Korea Bizwire) – Hundreds of thousands of barrels of Russian naphtha, a crucial raw material for plastics and synthetic fibers, have been stranded at sea for over a week as South Korea, a major buyer, shuns cargoes from the nation following its invasion of Ukraine, according to Bloomberg. The standoff is a consequence [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s industry ministry on Thursday discussed ways to seek new import contracts for liquefied natural gas (LNG) with the state-run Korea Gas Corp. (KOGAS) to stabilize prices and meet growing demand. The discussion came as some of the long-term import contracts clinched by KOGAS are set to expire [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korea’s import prices rose for a third consecutive month in March due to an increase in oil prices amid a rise in the Korean won against the U.S. dollar, central bank data showed Tuesday. The import price index rose 0.4 percent last month from a month earlier following [...]
SEOUL, Apr. 15 (Korea Bizwire) – The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption [...]