SEOUL, May 10 (Korea Bizwire) — South Korea has launched a joint public-private task force to spearhead the development of next-generation liquid hydrogen carriers, a strategic initiative to maintain the country’s global edge in shipbuilding and pioneer a future green energy market. The Ministry of Trade, Industry and Energy (MOTIE) announced Friday that it held an [...]
SEOUL, May 8 (Korea Bizwire) — Korea Zinc Co., the world’s biggest refined zinc smelter, said Thursday that it plans to cancel over 2 million of its own shares valued at 1.82 trillion won (US$1.29 billion) this year to boost share value. The retirement of the 2.04 million treasury shares represents 9.85 percent of its [...]
SEOUL, May 8 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday it has acquired General Motors Co.’s entire stake in their joint venture (JV) battery plant in Michigan for 3 trillion won (US$2.04 billion). The acquisition of the Ultium Cells JV No. 3 plant in Lansing, Michigan, is [...]
SEOUL, May 8 (Korea Bizwire) — The United States’ biggest clean energy alliance has joined a carbon-free energy (CFE) initiative led by South Korea, Seoul’s industry ministry said Thursday. The U.S. Clean Energy Buyers Association (CEBA) signed a memorandum of understanding (MOU) for bilateral cooperation with South Korea’s Carbon Free Alliance (CFA) on the sidelines [...]
SEOUL, May 7 (Korea Bizwire) — The state-run Korea Hydro & Nuclear Power Co. (KHNP) submitted a request for arbitration with an international mediation court Wednesday regarding a conflict with parent company Korea Electric Power Corp. (KEPCO) over a payment dispute involving additional construction costs for a nuclear power plant in the United Arab Emirates [...]
SEOUL, May 7 (Korea Bizwire) — South Korea’s landmark bid to export nuclear power plants to the Czech Republic has encountered stiff legal resistance from France, highlighting the intensifying global rivalry in the nuclear energy sector and underscoring Korea’s growing competitiveness. Led by Korea Hydro & Nuclear Power (KHNP), the so-called “Team Korea” secured its position [...]
PRAGUE, May 6 (Korea Bizwire) — A Czech court on Tuesday temporarily blocked the government in Prague from signing a multibillion-dollar agreement with South Korea for the construction of two nuclear reactors, according to multiple reports, making it highly unlikely that an official contract will be concluded this week. A South Korean consortium led by [...]
SEOUL, May 6 (Korea Bizwire) — South Korea’s home appliances giant LG Electronics Inc. aims to collect 8 million tons of old appliances for recycling by 2030 as part of efforts to promote the circular economy, company officials said Tuesday. The company has retrieved a combined 5 million tons of discarded appliances from across the [...]
SEJONG, May 1 (Korea Bizwire) — South Korea has designated the southwestern city of Yeosu as an “industrial crisis response area” to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, [...]
South Korea Secures Major Nuclear Power Deal in Czech Republic, Marking Breakthrough in European Energy Market SEOUL, April 30 (Korea Bizwire) — For more than a decade, South Korea’s nuclear industry had its eyes set westward. On a Tuesday in April, that ambition finally crystallized into reality. After months of negotiations and fierce competition with industry [...]