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 [...]
SEOUL, July 29 (Korea Bizwire) — SK Innovation Co. said Friday its second-quarter profit more than quadrupled from a year earlier, boosted by robust sales of petroleum products amid higher oil prices. Its battery unit, SK On Co., however, suffered an extended loss. Despite this, the refiner maintained its forecast that the loss-making battery unit [...]
SEOUL, July 26 (Korea Bizwire) — The exports of petroleum products by major refiners in South Korea hit a record high of US$27.95 billion in the first half of this year on the back of higher oil prices and strong demand recovery amid eased COVID-19 restrictions, data showed Tuesday. The outbound shipments by SK Energy [...]
INCHEON, July 15 (Korea Bizwire) — The Korea Gas Corp.’s liquefied natural gas (LNG) terminal in Incheon, the world’s largest LNG storage and supply facility, on Thursday held a demonstration of an anti-drone system designed to respond to drone terrorist attacks. When an unidentified flying object appeared near the LNG terminal, a 1.9-meter-wide, 0.5-meter-tall hydrogen-powered [...]
SEOUL, July 14 (Korea Bizwire) — Domestic prices of gasoline and diesel are also on the skids as oil prices have dropped sharply due to concerns about a global economic recession. SK Energy Co., South Korea’s leading oil refinery and gas station operator, recently informed front-line gas stations that it would greatly lower gasoline and [...]
SEOUL, July 13 (Korea Bizwire) — South Korean refiner Hyundai Oilbank Co. is coming up with various ideas to provide new experiences to customers. The company said Tuesday it will set up an LED display on the outer wall of a local gas station in Seoul’s Dongjak District to exhibit digital artwork. For July, some [...]