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 [...]
SEOUL, Apr. 3 (Korea Bizwire) — Samsung E&A Co. and GS Engineering & Construction Corp. (GS E&C) have won a combined US$7.2 billion deal to expand a gas plant in Saudi Arabia, the biggest order for South Korean companies in the Middle Eastern country, the presidential office said Wednesday. The Fadhili Gas Increment Program is [...]
SEJONG, Mar. 14 (Korea Bizwire) – Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability [...]
SEOUL, Mar. 6 (Korea Bizwire) — South Korea’s inflation ticked up to over 3 percent in a month in February on high prices of fresh food items and energy, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, compared with a 2.8 percent increase a month earlier, according [...]
SEOUL, Jan. 30 (Korea Bizwire) – S-OIL announced on January 29 that it has begun incorporating waste cooking oil, bio-based materials, and pyrolysis oil from plastic waste into its refining processes. This marks the first time a domestic refiner in South Korea has integrated bio-based materials into its refining operations, aiming to produce low-carbon and eco-friendly [...]
SEOUL, Dec. 27 (Korea Bizwire) — POSCO Holdings Inc. said Wednesday it has joined hands with a Chinese firm to build a plant for rare gases used mainly in chipmaking in a bid to meet growing domestic demand. South Korea’s top steelmaker said it will break ground in 2024 on the factory, which will be [...]
SEOUL, Dec. 26 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) said Tuesday it will explore potential sites for undersea carbon capture and storage (CCS) facilities in the seas surrounding the Korean Peninsula. The move is part of the government’s plan to reduce greenhouse gas emissions through CCS facilities by 4.8 million tons [...]