SEOUL, April 26 (Korea Bizwire) — Despite the government’s fuel tax cut in the midst of sky-high oil prices, it has offered only limited benefits to consumers while oil refiners and gas stations enjoyed huge benefits, a lawmaker said Monday. Yong Hye-in, a lawmaker of the Basic Income Party, claimed that the government slashed fuel [...]
SEOUL, April 24 (Korea Bizwire) — SK Innovation Co., South Korea’s leading refiner, said Sunday its energy unit has signed a production sharing contract with Malaysian companies for a local oil block. SK earthon Co. recently signed the deal with Malaysia’s state-run oil company Petroliam Nasional Berhad (Petronas) and Petroleum Sarawak Exploration and Production Sdn., [...]
SEOUL, April 22 (Korea Bizwire) — South Korea’s state-run gas importer said Friday it has signed a contract to import 1.58 million tons of U.S.-produced liquefied natural gas (LNG) from the British oil company BP Plc annually. Under the contract, KOGAS will import the LNG, beginning in 2025, for 18 years. The LNG, which will [...]
SEOUL, April 19 (Korea Bizwire) — LX International Corp., the trading arm of South Korea’s LX Group, said Tuesday it has bought a major stake in a local biomass power plant operator as it pushes to expand its renewable energy business. LX International will take over a 63.3 percent stake in Poseung Green Power Co., [...]
SEOUL, April 14 (Korea Bizwire) — As President-elect Yoon Suk-yeol plans to retract the current Moon Jae-in government’s nuclear phase-out policy, South Korean companies are eyeing small modular reactors (SMRs) as the source of next-generation energy. SK Inc., the holding company of conglomerate SK Group, has been considering investing in SMRs with the group’s energy and chemical [...]
SEOUL, April 4 (Korea Bizwire) — South Korean state-run gas company Korea Gas Corp. (KOGAS) said Monday it has signed a business partnership agreement with U.S. energy infrastructure firm Sempra Infrastructure. KOGAS said the memorandum of understanding, signed in Houston on Friday, calls for cooperation in such business areas as liquefied natural gas (LNG), hydrogen [...]
SEOUL, April 1 (Korea Bizwire) — The use of disposable items, such as single-use plastic cups and cutlery, is prohibited inside cafes and restaurants under a new environmental regulation that went into force Friday. It marks a reinstatement of the environmental ministry’s anti-disposable law that first went into effect in 2018. Its enforcement was temporarily [...]
SEOUL, March 31 (Korea Bizwire) — South Korea’s public and private sectors will team up to develop a wireless charging infrastructure for electric trucks. The Ministry of Environment on Wednesday signed a business agreement with the Seoul Metropolitan Government, the Korea Automobile Environmental Association and e-commerce giant Coupang Inc. Under terms of the agreement, the [...]
SEOUL, March 24 (Korea Bizwire) — SK E&S Co., the natural gas provider under South Korean conglomerate SK Group, said Thursday it has acquired a U.S. electric vehicle (EV) charging platform operator as part of its push for green energy business. The acquisition of EverCharge Inc., a California-based startup, also included the takeover of its [...]
SEOUL, March 24 (Korea Bizwire) — SK Trading International Co., an affiliate of South Korean refinery-to-battery maker SK Innovation Co., said Wednesday it had signed the world’s first deal to introduce 200,000 barrels of ‘net-zero oil’ per year for five years, starting from 2025, from U.S. oil giant Occidental Petroleum Corp. Net-zero oil is produced [...]