SEOUL, June 13 (Korea Bizwire) — The government conducted an emergency review of the country’s oil and gas supplies Friday amid escalating tensions in the Middle East following Israel’s strike on Iran, the industry ministry said, adding the country faces no immediate problem. The Ministry of Trade, Industry and Energy held the meeting with officials [...]
SEOUL, June 13 (Korea Bizwire) — South Korea’s petrochemical sector is ramping up restructuring talks, including potential consolidation of naphtha cracking center (NCC) facilities, as companies grapple with sustained oversupply from China and a prolonged global economic slowdown. The shift comes as the administration of President Lee Jae-myung prepares to roll out policy support for [...]
SEOUL, June 11 (Korea Bizwire) — Samsung SDI Co., South Korea’s second-largest battery maker, said Wednesday it has signed a battery supply deal with German energy storage system (ESS) provider Tesvolt AG. Under the agreement, Samsung SDI will deliver its Samsung Battery Box (SBB) products to Tesvolt by the end of this month. Tesvolt will [...]
SEOUL, June 10 (Korea Bizwire) — POSCO Future M Co., the battery materials unit of POSCO Holdings Inc., said Tuesday it has completed a key production facility as part of efforts to establish a fully integrated domestic supply chain for battery materials. The precursor plant, built within the existing cathode materials complex in Gwangyang, about [...]
SEOUL, June 9 (Korea Bizwire) — Doosan Enerbility Co., a major South Korean plant builder, said Monday it has secured a 900 billion-won (US$664 million) contract to build a combined cycle power plant in Vietnam by 2028. Doosan Enerbility has formed a consortium with local plant engineering firm PECC2 to construct the 1,155-megawatt power plant [...]
SEOUL, June 5 (Korea Bizwire) — Hyundai Motor Co. said Thursday it will supply hydrogen-powered waste collection vehicles to Busan metropolitan city, under the municipality’s aim to convert its waste collection fleet system to clean energy. At an event held at Busan City Hall, Hyundai unveiled two hydrogen-powered waste collection truck models based on the [...]
SEOUL, June 4 (Korea Bizwire) — U.S. President Donald Trump signed a proclamation Tuesday raising tariffs on imported steel and aluminum from 25% to 50%, dramatically escalating trade tensions and sending shockwaves through South Korea’s embattled steel industry. The move, viewed by many as the realization of a “steel curtain” around the U.S. market, erects [...]
PRAGUE/SEOUL, June 4 (Korea Bizwire) — It was a deal nearly derailed by courtroom drama — but now, South Korea is officially back on the global nuclear stage. Following a months-long legal impasse, Korea Hydro & Nuclear Power Co. (KHNP), South Korea’s state-run nuclear energy firm, has signed a final agreement to build two nuclear [...]
SEOUL, June 4 (Korea Bizwire) – A Czech court has canceled an injunction banning the signing of a multibillion-dollar nuclear power plant contract with South Korea, lifting a major hurdle in the final agreement between the two sides, the Korean company in charge of the project said Wednesday. The Korea Hydro & Nuclear Power Co. [...]
SEOUL, June 4 (Korea Bizwire) —At least two South Korean companies are among the early contenders to partner in one of the largest energy infrastructure initiatives in North America: the Alaska LNG project, a $44 billion liquefied natural gas endeavor led by U.S. energy firm Glenfarne Group. Glenfarne, which is spearheading the project through its [...]