SEOUL, Sept. 13 (Korea Bizwire) — South Korea will keep the electricity reserve rate at 22 percent in 2031, the same estimated two years ago, as the government’s push for renewable energy needs back up facilities for a stable power supply, a panel said Friday. A government working group to outline the power supply plan [...]
SEOUL, Sept. 7 (Korea Bizwire) — LG Group, which has been aggressively expanding its presence in the vehicle components sector, made clear it is not moving to build electric vehicles (EVs), industry sources said Thursday. “We are not even considering manufacturing a complete vehicle,” an LG Group official stressed. Industry watchers have been speculating that [...]
SEOUL, Aug. 29 (Korea Bizwire) – LG Chem Ltd., South Korea’s top chemical firm, said Tuesday that it has decided to invest 436 billion won (US$387 million) in its Polish affiliate in a bid to expand its electricity vehicle battery business. In a regulatory filing, LG Chem said it would invest in LG Chem Wroclaw [...]
SEOUL, Aug. 25 (Korea Bizwire) — A group of South Korean and American scientists have developed high-tech yarn that generates electricity, Seoul’s ICT ministry said Friday, a finding that may one day lead to the development of smartphones and other devices that do not need batteries. The Ministry of Science and ICT said a joint [...]
SEOUL, Aug. 21 (Korea Bizwire) – POSCO Engineering & Construction Co. said Sunday it has won a 950 billion-won (US$832 million) deal to construct a coal-fired power plant in Bangladesh. Under the contract signed with Japanese trading firm Sumitomo Corp., the construction arm of steelmaker POSCO will build a 1,200 megawatt plant and related facilities [...]
SEOUL, Aug. 20 (Korea Bizwire) — A key measure of oil refining companies’ profitability has risen in recent months due to rising crude prices, raising speculation that South Korean refiners’ third-quarter earnings will improve sharply, industry sources said Sunday. The benchmark Singapore complex gross refining margin (GRM) hovers around US$8 per barrel this month, up [...]
SEOUL, Aug. 18 (Korea Bizwire) – Remarks made by President Moon that the nation will only be nuclear power free in “at least 60 years” at a presidential press conference yesterday has garnered comparisons between South Korea’s nuclear power deactivation policy and other nations. Held to mark his 100th day in office, President Moon expressed [...]
SEOUL, Aug. 17 (Korea Bizwire) — Hyundai Motor Co. said Thursday it will launch an all-new fuel-cell electric SUV in South Korea early next year as part of its broader plan to diversify its lineup with more environment friendly vehicles. The country’s biggest carmaker by sales introduced its first fuel-cell electric car based on the [...]
SEOUL, Aug. 16 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, has developed a bi-directional onboard charger loadable on an electric vehicle, the company said Wednesday. The bi-directional onboard charger (OBC) allows an electric car that comes with it to charge itself at a charging station. It also allows the vehicle [...]
SEOUL, Aug. 7 (Korea Bizwire) — Daewoo Engineering & Construction Co., a major South Korean builder, said Monday that it has clinched a US$963 million deal to build process units of refinery facilities in Oman. Under the deal with Duqm Refinery Petrochemical Industries Co., a joint venture between Daewoo Engineering and Tecnicas Reunidas of Spain [...]