SEOUL, May 14 (Korea Bizwire) — South Korea’s leading oil refinery has introduced drone inspection techniques to inspect crude oil storage tanks. SK Energy Co. said Wednesday it will conduct inspections of its 86-meter-high crude oil storage tanks at its key production hub, Ulsan CLX plant, with drones, not company employees. “Drone tests have not [...]
SEOUL, May 12 (Korea Bizwire) — South Korean oil refiners’ earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and [...]
SEOUL, May 3 (Korea Bizwire) — South Korean major oil refiners suffered one of their worst quarters in the January-March period, data showed Sunday, as global oil output has far outpaced demand amid the new coronavirus pandemic. S-Oil Corp., the no. 3 oil refiner in South Korea, swung to a record loss of 1 trillion [...]
SEOUL, April 28 (Korea Bizwire) — Chemical-focused conglomerate Hyosung Group said Tuesday it has signed an initial agreement with Linde, a German chemical firm, on a 300 billion-won (US$245 million) project to build the world’s largest liquid hydrogen plant in South Korea. The two sides plan to set up a joint venture within this year [...]
SEOUL, April 22 (Korea Bizwire) — South Korean brokerage houses have sharply cut their first-quarter earnings outlook for major refiners and chemical makers on tumbling oil demand and prices due to the coronavirus outbreak, a market tracker said Wednesday. According to FnGuide, 13 oil refiners, gas firms and chemicals manufacturers are estimated to post a [...]
SEOUL, April 21 (Korea Bizwire) — SK Energy Co., South Korea’s leading oil refinery and gas station operator, is going to transform its business structure with a focus on digital services and eco-friendly management policies. The move is aimed at overcoming the limitations of the petroleum refining industry, which is a major business but is [...]
SEOUL, April 13 (Korea Bizwire) — South Korea saw its trading volume of electricity generated from biomass soar nearly 51 percent in 2019 from a year earlier, data showed Monday. The amount came to 4,199 gigawatt-hours (GWh) last year, up 50.7 percent from the previous year, according to the data by state-run utility firm Korea [...]
SEOUL, April 12 (Korea Bizwire) — South Korean refiners are expected to report a 2.5 trillion-won (US$2.06 billion) combined operating loss during the first quarter due to lower demand and refining margins, industry sources said Sunday. The country’s four major refiners — SK Innovation Co., GS Caltex Corp., Hyundai Oilbank Co. and S-Oil Corp. — [...]
SEOUL, April 8 (Korea Bizwire) — A local power company has embarked on a project to set up power facilities for hydrogen fuel cells using domestic technology. South Korea’s state-run utility Korea Electric Power Corp. (KEPCO) announced Tuesday that it has extended the hydrogen pipelines installed in the Ulsan Industrial Complex and connected them with [...]
SEOUL, March 29 (Korea Bizwire) — SK Gas, a key energy affiliate of energy and telecom conglomerate SK Group, said Sunday that it has reached a deal with Saudi’s Advanced Petrochemical Co. (APC) to set up a joint venture to build a US$1.8 billion plant in the kingdom. SK Gas Petrochemical, SK’s special purpose company, [...]