SEOUL, Dec. 8 (Korea Bizwire) — South Korea’s imports of crude oil from the Middle East increased sharply this year amid the international ban on imports of Russian oil, data showed Wednesday. The share of Middle East in the nation’s crude imports stood at 67.1 percent in the first ten months of this year, up [...]
SEOUL, Dec. 6 (Korea Bizwire) — South Korean battery maker SK On Co. said Tuesday its joint venture with Ford Motor Co. has broken ground on an electric vehicle battery plant in the U.S. state of Kentucky. The project is part of the US$11.4 billion investment the two companies announced in September last year to [...]
SEOUL, Dec. 5 (Korea Bizwire) — POSCO Chemical Co. said Monday it has clinched a long-term deal to supply a key battery material to the U.S.-based joint venture between South Korea’s LG Energy Solution Ltd. and General Motors Co. POSCO Chemical will supply US$688.6 million worth of artificial graphite, a material used as anodes in [...]
SEOUL, Dec. 5 (Korea Bizwire) — The government is reviewing the idea of imposing recycling obligations on clothing companies. The Ministry of Environment said Sunday that it recently outsourced a study on the so-called Extended Producer Responsibility (EPR), a legislative strategy used by many developed countries to encourage manufacturers to design environmentally friendly products. In [...]
SEOUL, Dec. 3 (Korea Bizwire) — LG Energy Solution Ltd.’s joint venture with U.S. General Motors Co. will invest an additional US$275 million for their electric vehicle battery plant under construction in the U.S. state of Tennessee. The additional investment by Ultium Cells LLC will help expand the facility’s output by more than 40 percent, [...]
SEOUL, Dec. 1 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Wednesday that a mobile fuel cell power pack developed in-house will be used for the hydrogen mobility demonstration project organized by the Ministry of SMEs and Startups and the Ulsan Metropolitan Government. The firm and Hyundai Genuine Co., a [...]
SEOUL, Nov. 30 (Korea Bizwire) – SK On Co., the battery-making unit under South Korea’s SK Group, will raise up to 1.3 trillion won (US$985 million) from six local private equity funds, its parent firm said Wednesday, a move that will help the company secure funds before pushing for an initial public offering (IPO). SK [...]
SEOUL, Nov. 30 (Korea Bizwire) – Indong Advanced Materials Inc., a South Korean producer of secondary battery materials, said Wednesday it has acquired lithium mining rights in Bolivia in a deal potentially worth as much as 130 trillion won (US$98.4 billion). The mining rights are part of the business contract Indong Advanced Materials has signed [...]
SEOUL, Nov. 30 (Korea Bizwire) — South Korean petrochemical companies have diversified their naphtha import channels this year amid international sanctions on Russia following its invasion of Ukraine. According to the Korea Petrochemical Industry Association, the nation’s naphtha imports from Moscow stood at 1.92 million tons in the first ten months of this year, down [...]
SEOUL, Nov. 30 (Korea Bizwire) — The Ministry of Environment announced that a revision of the enforcement ordinances and regulations of the Waste Management Act came into effect on Tuesday. The amendments cleared the way for plastic waste pyrolysis oil to be recycled for use as a raw material in petrochemical products such as naphtha [...]