SEOUL, Aug. 8 (Korea Bizwire) — South Korean refiners and a petrochemical company have begun to increase purchases of ultralight crude from Qatar, the United States and other countries as they cut imports of Iranian condensate due to Washington’s sanctions on Tehran, corporate sources said Wednesday. SK Innovation Co., South Korea’s biggest oil refiner by [...]
SEOUL, Jul. 23 (Korea Bizwire) — LG Chem Ltd., South Korea’s biggest chemical company by sales, said Monday it will invest 2.8 trillion won (US$2.4 billion) to expand its local naphtha cracking center (NCC) and polyolefin (PO) plant by 2021. The company will spend 2.6 trillion won to increase output capacity of the NCC and [...]
SEOUL, Jul. 19 (Korea Bizwire) — SK Energy and Korea Post have agreed to work together on future joint projects that would involve the sharing of resources. At SK Energy’s head office in Jongno-gu, Seoul, the two parties signed an MOU yesterday that would allow both sides to share each other’s assets to create further [...]
SEOUL, Jul. 18 (Korea Bizwire) — Electric car manufacturers have been unable to supply promised cars to the public on time. According to the provincial government of Jeju, 1,015 new electric cars were registered on the island during a period of six months between February and July, which is just 25.3 percent of the initial [...]
SEOUL, Jul. 18 (Korea Bizwire) – The use of energy storage systems (ESS) to better manage energy increased significantly in the first half of the year, according to the Ministry of Trade, Industry and Energy (MOTIE). The use of ESS, which store energy during hours when much electricity supply exceeds demand, increased 20-fold compared to [...]
SEOUL, Jul. 17 (Korea Bizwire) — Sejong, South Korea’s central administrative city, will soon transform into a futuristic high-tech municipality having been designated by the government as a trial space where all aspects of daily life will be incorporated with high technology, the likes of which are commonly found in science fiction films. Yesterday at [...]
SEOUL, Jul. 17 (Korea Bizwire) — Homepick, a joint venture by local energy giants SK Energy and GS Caltex to provide delivery service based on their network of gas stations, is defined by the following tagline: “We deliver within an hour if you’re home.” In the past, delivery service customers had to either wait at [...]
SEOUL, Jul. 16 (Korea Bizwire) – The volume of electricity generated from renewable energy jumped more than 20 percent on-year in 2017 to touch a record high, industry data showed Monday. Asia’s fourth-largest economy saw the trading value of power generated from renewable energy come to 2.05 trillion won (US$1.82 billion) last year, up 20.1 [...]
SEOUL, Jul. 13 (Korea Bizwire) — SK Telecom revealed yesterday that it had developed two systems for Hyundai Motor’s Ulsan factory, allowing the facility to be more efficient with its energy consumption. One is a combined heat and power system and the other, a factor energy management solution. The combined heat and power system will [...]
GWANGJU, Jul. 10 (Korea Bizwire) — An apartment complex in Dong-gu, Gwangju is gaining national attention after residents made the decision to continue employing a security guard by making use of electricity bill savings resulting from the installation of new solar panels to cover his salary. The Ullim 2 Apartments was designated most recently as [...]