SEOUL, May 30 (Korea Bizwire) — The amount of electricity generated from renewable energy in South Korea touched an all-time high in 2021 on government efforts to cut greenhouse gas emissions, data showed Monday. Electricity produced from renewable energy sources came to 43,085 gigawatt hours last year, accounting for 7.5 percent of the country’s total [...]
SEOUL, May 27 (Korea Bizwire) — South Korea’s Trade Minister Ahn Duk-geun on Friday asked for the European Union to review its directive on single-use plastics, saying the rule has even regulated eco-friendly items and limited Korean firms’ market access. Ahn made the request during a meeting with EU Ambassador to South Korea Maria Castillo-Fernandez [...]
SEOUL, May 25 (Korea Bizwire) — South Korea, the United States and 16 other countries on Wednesday launched an association meant to boost cooperation in the development of the hydrogen industry, Seoul’s industry ministry said. The member countries of the Global Hydrogen Industrial Association Alliance shared the current status of their hydrogen industry and related [...]
ULSAN/SEOUL, May 20 (Korea Bizwire) — The head of S-Oil Corp. apologized Friday over the explosion at the company’s refinery unit in the country’s southwest that left one person killed and nine others injured, vowing all-out efforts in handling the aftermath. Hussain A. Al-Qahtani, CEO of S-Oil, made the remarks hours after the blast occurred [...]
SEOUL, May 18 (Korea Bizwire) — South Korea’s state power firm Korea Electric Power Corp. (KEPCO) said Wednesday it will sell all overseas coal power plants, including one in the Philippines, as part of efforts to improve its financial status over record quarterly losses. Last week, the state-run electricity monopoly reported a record-high operating loss [...]
SEOUL, May 18 (Korea Bizwire) – South Korea’s oil refining industry enjoyed record-high first quarter results thanks to an improvement in oil-refining margins resulting from soaring oil prices. Nonetheless, the industry remains cautious due to the boomerang effect of what are now sky-high prices. A spike in oil prices, in general, leads to an increase [...]
SEOUL, May 17 (Korea Bizwire) — SK Inc., the holding firm of South Korea’s No. 2 conglomerate SK Group, said Tuesday it has signed an initial agreement with a U.S. nuclear power venture founded by Microsoft founder Bill Gates, as it seeks to tap into the small-sized nuclear power reactor business. The agreement was signed [...]
SEOUL, May 13 (Korea Bizwire) — South Korea’s state power firm Korea Electric Power Corp. (KEPCO) on Friday reported a record-high operating loss in the first quarter of this year due to high global energy costs and the freeze in electricity rates. Operating loss for the January-March period hit an all-time quarterly high of 7.78 [...]
SEOUL, May 12 (Korea Bizwire) — Hanwha Solutions Corp. said Thursday it is spending 380 billion won (US$294.7 million) to build facilities for advanced solar cell technology in South Korea and the United States. The chemical and energy unit of South Korean conglomerate Hanwha Group unveiled the plan at Intersolar Europe, an exhibition for solar [...]
SEOUL, May 11 (Korea Bizwire) — South Korean refiner Hyundai Oilbank Co. said Wednesday it will build a 130,000-ton biodiesel plant in the country’s southwest next year as it pushes for white biotechnology business. White biotechnology refers to using non-polluting renewable resources, like plants, molds and bacteria, to produce chemical materials and energy sources. It [...]