SEOUL, March 18 (Korea Bizwire) — South Korean oil refiners will likely benefit from a crisis in the U.S. shale industry sparked by plunging international crude prices, industry sources said Wednesday. A recent tumble in oil prices is projected to cut U.S. shale oil firms’ production sharply down the road, leading to a drop in [...]
SEOUL, March 18 (Korea Bizwire) — SK Gas Co., the largest local importer and distributor of liquefied petroleum gas, said Tuesday that it will launch a local artificial intelligence (AI)-based energy efficiency service project in a strategic partnership with a French AI solution company. The service, which will be launched with Metron SAS, a startup [...]
SEOUL, Feb. 28 (Korea Bizwire) — State-run utility Korea Electric Power Corp. (KEPCO) said Friday that its net losses widened in 2019 from a year earlier due mainly to weaker electricity sales coupled with increased financial costs. Net losses for last year deepened to 2.22 trillion (US$1.8 billion) from 1.17 trillion won in 2018, the [...]
SEOUL, Feb. 25 (Korea Bizwire) — South Korea’s electricity generation fell for the first time in more than two decades in 2019 amid an economic slowdown and favorable weather conditions, data showed Tuesday. The amount of electricity generated by the nation’s power plants came to 562,239 gigawatt hours (GWh) last year, down 1.5 percent from [...]
SEOUL, Feb. 17 (Korea Bizwire) — The United Arab Emirates (UAE)’s nuclear watchdog on Monday approved the operation of the first reactor at the Barakah nuclear plant built by South Korean companies, industry sources said. The Federal Authority for Nuclear Regulation approved the operation of the unit-1 reactor of the Barakah nuclear plant, the Middle [...]
SEOUL, Feb. 17 (Korea Bizwire) — POSCO International Corp., a South Korean general trading company, said Monday that it has discovered a prospective gas field off the western coast of Myanmar. A drill stem test in the Mahar exploration well in Block A-3 in December showed that the area is expected to produce about 38 [...]
SEOUL, Feb. 6 (Korea Bizwire) — An expert panel said Thursday malfunctions in batteries are mainly to blame for a recent series of fires in energy storage systems (ESS). An investigation panel of experts concluded after a four-month probe that faulty batteries rising to abnormally high temperatures were mostly responsible for the five fires that [...]
SEOUL, Feb. 2 (Korea Bizwire) — SK Energy Co., South Korea’s leading oil refinery and gas station operator, said Sunday it has completed the construction of a new desulfurization facility in the country, with commercial operations set to start in March. Since 2017, SK Energy has spent 1 trillion won (US$837 million) on building the [...]
SEOUL, Jan. 23 (Korea Bizwire) — The energy storage system (ESS) industry, once spotlighted as a newly rising industry, is on the verge of a serious slump. The Hyundai Research Institute reported on Wednesday that the prolonged probe into fire accidents caused by ESS devices is slowing down the growth of the ESS market in [...]
ANDONG, Jan. 14 (Korea Bizwire) — North Gyeongsang Province is taking the lead in environmental protection by changing packaging materials placed in fruit boxes from polystyrene to paper. The provincial office recently developed a paper tray to replace polystyrene trays for fruit protection and applied it to apples for export to Taiwan and Vietnam for [...]