SEOUL, Aug. 6 (Yonhap) — SK Engineering & Construction Co., a South Korean builder, said Sunday that it has signed a US$1.6 billion deal with an Iranian company to carry out an oil refinery modernization project. Under the agreement with Tabriz Oil Refining Co., an affiliate of Parsian Oil and Gas Development Group Co., the [...]
SEOUL, Aug. 1 (Korea Bizwire) — Gasoline-powered vehicles regained a 50 percent market share for new cars in the January-June period amid weaker demand for diesel vehicles, industry data showed Tuesday. Gasoline cars accounted for 50.2 percent of South Korea’s total new car registrations in the first half, data by the Korea Automobile Manufacturers Association [...]
SEOUL, Jul. 25 (Korea Bizwire) — LPG-powered recreational vehicles with a seating capacity of five or below might be released for general sale in South Korea after years of being banned in the retail market, with the government looking for ways to tackle the issue of fine dust emissions. According to the Ministry of Trade, Industry [...]
SEOUL, Jul. 24 (Korea Bizwire) — The aging coal-powered Young Dong Unit 1 power station has been revamped as the country’s largest environment-friendly biomass plant, replacing coal with wood pellet fuel. According to the Yeongdong Eco Power Division of Korea South-East Power (KOSEP), around 96 billion won was invested to renovate the Young Dong Unit 1 [...]
SEOUL, Jul. 24 (Korea Bizwire) — Breakwater construction will begin at Ulsan as part of an ongoing move to transform the port city into a Northeast Asia oil trading hub, the maritime ministry said Monday. Some 830 billion won (US$741.73 million) will go into erecting a 3.1-kilometer-long breakwater, scheduled for completion by 2023. It is [...]
SEOUL, Jul. 21 (Korea Bizwire) — As the market for electric cars heats up, charging stations are springing up all over the country. Everything moves fast in Korea and the growth of electric cars is no different. A country that had a mere 458 electric cars registered has seen that number explode by a factor [...]
SEOUL, July 19 (Korea Bizwire) – South Korea aims to generate 20 percent of its electricity with clean, renewable energy by 2030, while reducing its reliance on fossil fuel and nuclear power plants, the new Moon Jae-in administration said Wednesday. In a policy report to President Moon Jae-in, who took office in May, the State [...]
SEOUL, Jul. 18 (Korea Bizwire) — The Minister of Land, Infrastructure and Transport (MOLIT) drew media attention last week when she showed up in a white hydrogen-fueled SUV vehicle during her visit to Cheonan, a move that signals the government’s effort to push renewable fuel vehicles. Kim Hyun-mee, who heads the MOLIT, was seen riding in [...]
SEOUL, Jul. 18 (Korea Bizwire) — The Ministry of Trade, Industry and Energy conducted its first patrols of major commercial districts yesterday as part of its efforts to regulate energy use. The patrols were held in collaboration with local authorities from 18 districts nationwide. Here’s a typical example of what a typical patrol looks like: in [...]
SEOUL, Jul. 17 (Korea Bizwire) – South Korea’s coal-fired power generation increased this year as the country’s new government vows to reduce its dependence on fossil fuels and nuclear power, industry data showed Monday. According to the data compiled by the Korea Power Exchange, coal-fired power generation reached 95,550 gigawatt-hours (GWh) in the first five [...]