SEOUL, Oct. 2 (Korea Bizwire) — Overseas resource development projects exceeding 100 billion won (US$89.96 million) will be put through rigorous pre-assessment, a step meant to avoid indiscriminate investment and financial losses, officials said Tuesday. Bills approved by the Cabinet stipulate that such high-cost projects by the Korea National Oil Corp. (KNOC), in which state [...]
SEOUL, Oct. 1 (Korea Bizwire) — SK Innovation Co. is said to be in the process of pushing for the establishment of a facility that would build electric car batteries in the U.S. According to industry sources, SK Innovation has been considering a few locations in the U.S. deemed suitable for the plant, but the [...]
SEOUL, Sept. 28 (Korea Bizwire) — A plan to construct a biomass power plant in Pohang that would burn wood as its main fuel has been met with controversy. The city of Pohang, which signed an agreement to initiate the project, has taken a step back, citing public consent as a priority. The plant, which [...]
SEOUL, Sept. 27 (Korea Bizwire) — With U.S. President Donald Trump continuing to push to implement policies to export liquefied natural gas (LNG), South Korea was found to be the largest importer of American LNG this year. According to a recent report released by the U.S. Energy Information Administration (EIA), the total amount of LNG [...]
SEOUL, Sept. 27 (Korea Bizwire) — The Seoul city government said Thursday it will provide additional subsidies for the purchase of environmentally friendly vehicles as this year’s target has already been accomplished. The city government attained this year’s goal of subsidizing 2,257 electric vehicles (EVs) and hydrogen fuel-cell cars. The city said it will inject [...]
SEOUL, Sept. 17 (Korea Bizwire) — More than eight in 10 South Koreans favor the increased use of renewable energy on the grounds that it is clean and inexhaustible, a poll showed Monday. According to the survey of 1,003 South Koreans across the nation, 86.2 percent of respondents said they are in favor of the [...]
BUSAN, Sept. 13 (Korea Bizwire) —The local government of Busan’s Haeundae-gu teamed up with village cooperative “Eco-Eco” to hold a beachcombing festival at Haeundae Beach yesterday. Beachcombing is an activity that has individuals searching for things of value or interest on the beach, and doubles as an effective way of cleaning up the sandy shores. [...]
SEOUL, Sept. 12 (Korea Bizwire) — South Korea will draw up a comprehensive road map on developing the hydrogen industry by the end of the year to foster the emerging sector and reduce air pollutants, the industry ministry said Wednesday. The Ministry of Trade, Industry and Energy said it will set policy goals for hydrogen [...]
SEOUL, Sept. 11 (Korea Bizwire) — A new law will allow bio-heavy oil made from pork fat and other leftover oil to be used to generate electricity in place of petroleum. The Ministry of Trade, Industry and Energy announced yesterday legislation that approves the use of bio-heavy oil to provide a more stable source of [...]
SEOUL, Sept. 10 (Korea Bizwire) — Vietnam’s VinFast Trading and Production Ltd. said it has a signed an initial agreement with LG Chem Ltd., South Korea’s biggest chemical company by sales, to receive batteries for its electric scooters and electric cars. LG Chem will also supply batteries for electric buses, smartphones and other products in [...]