SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s trade ministry on Tuesday urged South Korean petrochemical companies to diversify their portfolios to cope with the anticipated slump in the industry and overcome protectionism. The Ministry of Trade, Industry and Energy said the petrochemical industry is expected to experience a downturn after enjoying the previous three [...]
SEJONG, Jan. 7 (Korea Bizwire) — The state-run Korea National Oil Corporation (KNOC) said Monday that it expects weak earnings for 2019 and vowed to focus on profitable core businesses to improve its financial health going forward. “Despite improving operating profit, the latest decline in fuel costs and the losses from the exploration & production [...]
DAEJEON, Dec. 27 (Korea Bizwire) — Felled trees and timber abandoned at lumber sites will be recycled to generate eco-friendly electricity. The Korea South-East Power Co. signed a three-year contract with a South Korean pellet fuel manufacturer to use 215,000 tons of abandoned biomass each year to produce pellet fuel that can generate electricity. Biomass [...]
SEOUL, Dec. 26 (Korea Bizwire) — The Seoul Metropolitan Government announced on December 25 that it has developed standard installation costs for five major renewable energy facilities in collaboration with the Korea Electric Association and Korea Electrical Contractors Association. The five major facilities include household solar systems, electric car chargers, solar and wind powered street [...]
SEOUL, Dec. 23 (Korea Bizwire) — The average total costs of generating solar energy in South Korea will go down below 100 won (US$0.1) per 1 kilowatt hour five years later, a parliamentary report said Sunday. According to the report, the levelized cost of energy (LCOE) of solar power will decline to below 100 won [...]
SEOUL, Dec. 17 (Korea Bizwire) — The South Korean government vowed Monday to conduct emergency inspections at a coal power plant following the death of a young worker and beef up safety measures in workplaces. The measures comes after a 24-year-old sub-contract worker at the Korea Western Power Co. (KOWEPO) was killed in a conveyor [...]
SEOUL, Dec. 13 (Korea Bizwire) — A simple method to allow for the sale of electricity stored in electric car batteries is coming to South Korea. The Ministry of Trade, Industry and Energy announced on December 12 that it had completed a revision enforcement decree to electric utility legislation and was introducing the so-called ‘Small-scale [...]
SEOUL, Dec. 10 (Korea Bizwire) — GS Caltex Corp. and SK Energy Co., South Korea’s leading refiners, have teamed up to launch QBoo, a smart storage service found at gas stations. QBoo allows parcel exchanges, buying and selling second-hand goods, and storing laundry and other goods, using storage lockers. This will increase the inflow of customers at [...]
SEOUL, Dec. 7 (Korea Bizwire) — E-Mart Inc. outlets’ parking lots will be renovated into multipurpose facilities that will provide charging stations for electric vehicles as well space to accommodate car-sharing vehicles. E-Mart, in collaboration with Straffic, South Korea’s leading company in traffic management systems, will open Electro Hyper Charger Stations at six of its [...]
POHANG, Dec. 7 (Korea Bizwire) — The city of Pohang, North Gyeongsang Province will begin operating a generator that uses everyday waste to generate electricity starting next January. The city announced on Thursday that it has invested 153.4 billion won (US$137.1 million) to build the facility as part of a project that kicked off in [...]