SEOUL, Sept. 5 (Korea Bizwire) — SK Enmove Co., the lubricant-making unit under South Korea’s SK Group, said Tuesday it will focus on the development and manufacturing of energy-efficient fluids for use in electric vehicles (EVs) and data centers as part of its next growth drivers. SK Enmove unveiled its new brand for all e-fluid [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s oil-refining industry reported disappointing second-quarter results due to weak oil-refining margins, although lubricants acted as a supporting factor. During the second quarter of this year, SK Innovation Co.’s lubricant sales amounted to 1.1 trillion won (US$869 million), representing only 5.9 percent of its total sales. Despite this, [...]
SEOUL, July 28 (Korea Bizwire) — SK Innovation Co. said Friday it turned to the red in the second quarter as falling oil prices and thinner margins hurt its profitability. The company logged an operating loss of 106.8 billion won (US$83.2 million) in the April-June period, compared with the 2.32 trillion-won operating profit a year [...]
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 [...]