SEOUL, July 25 (Korea Bizwire) — POSCO International Corp. said Tuesday it signed a contract with the Indonesian government and its state oil company to search and extract oil and gas in the Southeast Asian country, as it bolsters the push for energy and resources development. The production sharing contract (PSC) with Jakarta and state-owned [...]
SEOUL, May 19 (Korea Bizwire) — South Korean refiner HD Hyundai Oilbank Co. has announced its plan to sell DEVELON mini excavators at its gas stations. This initiative, in collaboration with construction machinery manufacturer HD Hyundai Infracore Co., aims to expand the sales channels for mini excavators and generate revenue through brokerage fees. Mini excavators [...]
SEOUL, May 10 (Korea Bizwire) — POSCO International Corp. said Wednesday it has signed a charter agreement with a South Korean shipping company for the transport of liquefied natural gas (LNG) as it pushes to boost energy business. Under the deal with H-Line Shipping Co., a 174,000-cubic-meter LNG vessel, to be built by Hyundai Samho [...]
SEOUL, April 24 (Korea Bizwire) — The oil industry is currently experiencing a somber atmosphere due to falling refining margins, which are a significant indicator of profitability for refiners. This is in contrast to the record boom seen last year when strong refining margins and high oil prices led to reports of refiners preparing massive [...]
SEOUL, March 9 (Korea Bizwire) — President Yoon Suk Yeol attended the groundbreaking ceremony for a 9.3 trillion-won (US$7 billion) petrochemical plant in the southeastern city of Ulsan on Thursday, hailing the project as a symbol of the friendship and trust between South Korea and Saudi Arabia, his office said. The “Shaheen project,” named after [...]
SEOUL, Feb. 23 (Korea Bizwire) — POSCO International Corp., a major South Korean commodities trader, said Thursday it has won a bid to explore gas mines in Indonesia as it is stepping up to expand its energy and resources drive. A consortium involving POSCO International and Indonesian state-owned PT Pertamina Hulu Energy (PHE) obtained the [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s petroleum refining industry, which enjoyed record-breaking financial results last year thanks to sky-high oil prices, is taking steps to support the heating bills for the nation’s energy-vulnerable households. Hyundai Oilbank Co. said Wednesday it will donate 10 billion won (US$7.90 million) to help alleviate the burden of [...]
SEOUL, Feb. 7 (Korea Bizwire) — SK Innovation Co. said Tuesday it plans to spend 7 trillion won (US$5.58 billion) in capital spending this year to shore up its loss-making battery business and aims to achieve a turnaround by next year. The amount earmarked for SK On Co. makes up the substantial portion of the [...]
SEOUL, Jan. 31 (Korea Bizwire) — POSCO International Corp. said Tuesday it will spend 930 billion won (US$756 million) to build two more liquefied natural gas (LNG) terminals in South Korea as it seeks to bolster its energy business. POSCO International broke ground on the Second Gwangyang LNG Terminal earlier in the day, the general [...]
SEOUL, Jan. 29 (Korea Bizwire) — South Korean oil refiners’ exports hit a record-high level in 2022, data showed Sunday, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine. The combined exports of local oil refiners reached US$57 billion in 2022, up 71.2 percent from a year earlier, [...]