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 [...]
SEOUL, July 13 (Korea Bizwire) — An innovative oil scoop net designed to assist in the cleanup of oil spills at sea has been developed based on the insect-catching mechanism of a carnivorous plant. A joint research team from the Korea Institute of Science and Technology and Korea University said Wednesday it had developed an [...]
INCHEON, July 8 (Korea Bizwire) — South Korea’s Coast Guard is struggling to find the financial resources necessary for the operation of large patrol ships and helicopters as oil prices continue to remain high in and outside the country. At present, the Coast Guard runs a total of 355 ships, including large patrol ships and [...]
SEOUL, July 6 (Korea Bizwire) — Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday it has replaced existing contracts for three liquefied natural gas (LNG) carriers with new ones with a higher price tag amid supply chain disruptions. KSOE, a subholding company of global shipping titan Hyundai Heavy Industries Holdings, said in a regulatory [...]
SEOUL, July 4 (Korea Bizwire) — SK E&S Co., a South Korean natural gas provider, is planning to open an office in London to push for an expansion in Europe, the world’s largest economic bloc, where the energy market is being reshaped amid the ongoing Russia-Ukraine conflict, the company’s head said Monday. “In the past, [...]
SEOUL, July 4 (Korea Bizwire) — South Korean top carmaker Hyundai Motor Co. has officially scrapped a plan to build a liquefied natural gas (LNG)-powered thermal power plant that it had pursued as part of a carbon neutral strategy. The company said it had mulled over constructing an LNG power plant to reduce carbon emissions [...]