SEOUL, Jan. 24 (Korea Bizwire) — Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday. Oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 472.32 million barrels [...]
SEOUL, Jan. 18 (Korea Bizwire) — On January 18, the Ministry of Trade, Industry and Energy (MTIE) previewed a list of reforms to South Korea’s Demand Response program that will kick in at a yet unspecified date this summer. Demand Response (DR) denotes a power-saving framework in which firms voluntarily reduce their energy use during [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Korean petrochemical companies have since last year been moving to make big investments and diversify their portfolios to prepare for changes in the business environment, including higher oil prices, the energy ministry said Wednesday. Major petrochemical companies are set to hold a meeting in Seoul where they will [...]
SEOUL, Jan. 11 (Korea Bizwire) — South Korea ordered local companies to cut their power use to maintain a stable level of the electricity reserve rate as a cold spell caused a spike in heating demand, the state-run power exchange said Thursday. The Korea Power Exchange (KPX) said it issued a demand response order to [...]
SEOUL, Jan. 9 (Korea Bizwire) — South Korea and the United Arab Emirates (UAE) discussed ways to step up nuclear cooperation as the Middle Eastern nation’s first nuclear reactor is set to start operations later this year, Seoul’s energy ministry said Tuesday. Paik Un-gyu, South Korean minister of trade, industry and energy, met with Khaldoon [...]
SEOUL, Jan. 3 (Korea Bizwire) – South Korea’s technology level and investment in the new energy industry lag behind leading nations while the gap in energy self-sufficiency is widening by region due to a lack of microgrids, a report said Wednesday. The report by Hyundai Research Institute gave South Korea 78.3 points out of 100 [...]
SEOUL, Jan. 3 (Korea Bizwire) – The opinions of civilians will play a direct role in deciding the greenhouse gas emissions policy of South Korea going forward, the Ministry of Environment revealed on January 1. Following the government’s decision last December to restructure the systems in place to deal with climate change, chief oversight of [...]
SEOUL, Dec. 29 (Korea Bizwire) – South Korea’s research reactor has successfully undergone a “shaking table test” to see if it can withstand a powerful quake, the country’s atomic research institute said Friday. The test of the 30 megawatt High-flux Advanced Neutron Application Reactor (HANARO) unit in the city of Daejeon 160 kilometers south of [...]
SEOUL, Dec. 26 (Korea Bizwire) – South Korea’s petroleum refinery industry is making large scale investments and diversifying their portfolios amid solid growth this year, market watchers said Monday. Observers said that the move comes as companies want to capitalize on recent gains and better insulate themselves from uncertainties going forward. S-Oil Corp., which is [...]
SEOUL, Dec. 25 (Korea Bizwire) — Lexus ES300h gasoline hybrid model has become the first imported hybrid to post accumulated sales exceeding 20,000 units in South Korea, the Japanese carmaker’s local office said Monday. The ES300h was launched in the Korean market in 2012, with total sales hitting 6,112 models sold last year, accounting for [...]