SEOUL, Nov. 17 (Korea Bizwire) — S-Oil Corp., a major South Korea-based refiner, unveiled Thursday a US$7 billion project to build a large-scale petrochemical plant in the country’s southeast, in what will be a milestone in its downstream expansion from oil refining-oriented to petrochemicals. The Shaheen Project aims to build a steam cracking facility to [...]
SEOUL, Nov. 15 (Korea Bizwire) — South Korea’s state-run gas company Korea Gas Corp. (KOGAS) announced on Monday that it had started producing liquefied natural gas (LNG) at the Coral gas field in Mozambique, and the first shipment had been completed. The project uses a floating liquefied natural gas (FLNG) facility to extract gas from [...]
SEOUL, Nov. 11 (Korea Bizwire) – GS Caltex Corp., a major South Korean refiner, said Friday it has completed the construction of a new olefin cracking facility on the country’s southwest coast, as it seeks to expand the petrochemical business. The new mixed feed cracker (MFC), built in Yeosu, about 320 kilometers south of Seoul, [...]
SEOUL, Oct. 27 (Korea Bizwire) — Exports of petroleum products by major refiners in South Korea hit a record quarterly high of US$16.3 billion in the third quarter, helped by higher fuel prices amid prolonged supply bottlenecks stemming from Russia’s invasion of Ukraine, data showed Thursday. The outbound shipments by SK Energy Co., GS Caltex [...]
SEOUL, Oct. 13 (Korea Bizwire) — SK Gas, a key energy affiliate of energy and telecom conglomerate SK Group, said Wednesday it had developed a new artificial intelligence (AI)-based system that anticipates and simulates the yield of chemical processing, and introduced it to its subsidiary SK Advanced Co. The company is the first to use [...]
SEOUL, Oct. 5 (Korea Bizwire) — South Korea’s state power utility said Wednesday it plans to increase coal-fired electricity generation temporarily this year in an effort to cut costs and boost financial health. Korea Electric Power Corp. (KEPCO) said it will produce 12.8 terawatt hours (TWh) with coal this year instead of using liquefied natural [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korea will raise natural gas prices for civilian use next month amid high international gas prices, the industry ministry said Friday. Starting in October, natural gas prices for households and commercial use will be hiked by 2.7 won (US$0.002) per megajoule, the ministry said in a press release. [...]
SEOUL, Sept. 28 (Korea Bizwire) – The Seoul city government will additionally ban Grade 4 diesel vehicles, the second lowest in the country’s five-tier emission standard, from the city’s central areas starting in 2025 with a goal of dramatically reducing air pollutants, the mayor said Wednesday. Mayor Oh Se-hoon announced the measure as part of a broader [...]
SEOUL, Sept. 25 (Korea Bizwire) — POSCO International Corp., the commodity trading unit of South Korean steel giant POSCO Holdings Co., said Sunday it is investing a combined 280 billion won (US$198.2 million) to triple its natural gas production in the next three years. The funding will be provided to Senex, a subsidiary co-owned by [...]
SEOUL, Aug. 25 (Korea Bizwire) — Inflatable cheering sticks and plastic blankets will be banned from use at sports facilities, following the prohibition of cheering equipment made with synthetic resins. The Ministry of Environment posted the new guidelines on its official website, explaining the new enforcement rules of the resource recycling act taking effect on [...]