SEOUL, Nov. 4 (Korea Bizwire) — The government plans to readjust the renewable energy distribution goals and renewable portfolio standards (RPS) with the aim to make the policy more realistic. The Ministry of Trade, Industry and Energy on Thursday announced plans to improve policies on renewable energy in response to the changing energy environment. First, [...]
SEOUL, Nov. 3 (Korea Bizwire) – SK Innovation Co. said Thursday its third-quarter net profit sank 65.5 percent from a year earlier on narrowing refinery margins amid a fall in global oil prices. Net income reached 175.2 billion won (US$122.7 million), compared with 507.1 billion won the previous year, the refinery and energy unit of [...]
SEOUL, Nov. 1 (Korea Bizwire) — South Korea’s state power utility has reported snowballing deficits despite an increase in sales of electricity. The Korea Electric Power Corp. (KEPCO)’s sales of electricity for the January to August period of this year stood at 370,854 gigawatt hours (GWh), up 4 percent from a year ago. However, due [...]
SEOUL, Oct. 31 (Korea Bizwire) – South Korea and Poland signed an agreement Monday to jointly push for a plan to build a nuclear power plant in the European nation, raising hopes for Seoul’s first nuclear power plant export in more than a decade, Seoul’s industry ministry said Monday. The state-run Korea Hydro & Nuclear [...]
SEOUL, Oct. 31 (Korea Bizwire) — LG Chem Ltd. said Monday its third-quarter operating profit grew 23.9 percent from a year earlier on the back of strong battery materials demand that helped offset lackluster performance in the petrochemicals segment. Operating income came to 901.2 billion won (US$638.1 million) in the July-September period, compared with 727.2 [...]
SEOUL, Oct. 28 (Korea Bizwire) — Hyundai Motor Co. on Friday opened up South Korea’s first moving hydrogen charging station in Seoul’s Gwangjin District. The mobile station is set up on top of a 25-ton Xcient hydrogen fuel-cell electric truck. It comes with all of the core facilities of a hydrogen fueling station — a [...]
SEOUL, Oct. 28 (Korea Bizwire) — Lotte Fine Chemical Co. is set to import the world’s first commercially-produced clean (blue) ammonia. The company announced on Thursday that it had signed a deal to import 25,000 tons of clean ammonia with Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Mining Co. (Ma’aden) in Riyadh. This clean [...]
SEOUL, Oct. 27 (Korea Bizwire) — Exports of petroleum products by major refiners in South Korea hit a record quarterly high of US$16.3 billion in the third quarter, helped by higher fuel prices amid prolonged supply bottlenecks stemming from Russia’s invasion of Ukraine, data showed Thursday. The outbound shipments by SK Energy Co., GS Caltex [...]
SEOUL, Oct. 27 (Korea Bizwire) — SK Geocentric Co., a chemical unit of South Korea’s SK Group, said Thursday it has signed a binding joint venture agreement with a U.S. partner to build a plastic recycling plant here as it pushes to pivot to green chemicals business. The 50:50 joint venture with Purecycle Technologies Inc. [...]
SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s state-run gas company Korea Gas Corp. has announced plans to set up so-called convergence charging stations that can directly produce and supply hydrogen for vehicles. KOGAS said Wednesday it had established a joint venture called HyStation to build and operate liquefied natural gas (LNG)-based hydrogen charging stations [...]