SEOUL, Feb. 21 (Korea Bizwire) — South Korea and Russia have agreed to beef up cooperation in the energy sector on a wide range of areas, including natural gas, electricity and renewable energy development, the Seoul government said Wednesday. Pak Won-ju, South Korean deputy energy minister at the Ministry of Trade, Industry and Energy, held [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s coal-fired power generation reached new highs in 2017, despite government efforts to switch to clean renewable sources, such as solar and wind power, official data showed Sunday. Statistics by the state-run Korea Electric Power Corp. (KEPCO) said the country’s coal-based power generation totaled 217,037 gigawatt hour (GWh) [...]
SEOUL, Feb. 8 (Korea Bizwire) — The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday. Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry [...]
SEOUL, Feb. 8 (Korea Bizwire) — Samsung Engineering Co., a major South Korean industrial plant builder, said Thursday that its joint venture secured a US$ 3.1 billion deal to upgrade an oil refinery in the United Arab Emirates. Under the deal with the Abu Dhabi National Oil Company (ADNOC), Samsung and Netherlands-based CB&I will introduce [...]
SEOUL, Feb. 5 (Korea Bizwire) – Retail oil prices in South Korea rose for the 27th week in a row this week in line with a hike in global crude oil prices, recording the longest run ever, data showed Saturday. The average gasoline price nationwide was 1,559.6 won (US$1.43) per liter in the fifth week of January, edging up 4.3 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. [...]
SEOUL, Feb. 5 (Korea Bizwire) — South Korea’s oil refiners will continue to import more crude oil from the United States this year as they work to diversify sources away from the Middle East, industry officials said Monday. SK Energy announced it will purchase 3 million barrels of U.S. crude oil in the first quarter [...]
(image: Hyundai Motor) PYEONGCHANG, Feb. 5 (Korea Bizwire) — Hyundai Motor Co., South Korea’s largest carmaker by sales, said Monday it aims to have sold 10,000 hydrogen-powered NEXOs in global markets by 2022. The hydrogen fuel-cell electric vehicle will go on sale domestically next month and will be exported to major markets, such as Europe, [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korea’s major oil refiners plan to invest some 3.5 trillion won (US$3.3 billion) over the next three years to upgrade their facility and diversify their business portfolio, the country’s energy ministry said Friday. During a meeting with Paik Un-gyu, minister of trade, industry and energy, chief executives of [...]
SEOUL, Jan. 24 (Korea Bizwire) — The government will lift a cap previously placed on the maximum amount of liability coverage for nuclear power plant accidents. The Nuclear Safety and Security Commission announced plans to hold nuclear power reactor operators to a stricter standard during a meeting on Wednesday, which will see a previous cap of [...]
SEOUL, Jan. 24 (Korea Bizwire) – The South Korea energy industry is expecting a significant sales drop in the U.S. as American trade authorities are set to impose so-called “safeguard” measures against imported solar cells and modules. As U.S. President Donald Trump announced steep tariffs targeting imported washing machines and solar cells on Tuesday, speculation is [...]