SEOUL, Sept. 26 (Korea Bizwire) — Samsung Heavy Industries Co., a major shipbuilder here, said Thursday it has developed the world’s first Aframax crude oil tanker (COT) powered by fuel cells. Samsung Heavy said it had acquired approval in principle from DNV GL, a Norway-based classification society, for its fuel cell-powered Aframax COTs. Completion of [...]
SEOUL, Sept. 25 (Korea Bizwire) — SK Engineering & Construction Co., a South Korean construction company, said Wednesday it will set up a joint venture with U.S.-based Bloom Energy for the production of solid oxide fuel cell (SOFC). The 49:51 joint company, to be set up in November, will provide Korean-made fuel cells to local [...]
SEOUL, Sept. 24 (Korea Bizwire) — Samsung Group is planning to announce a massive investment plan next month to upgrade its display panel production facilities in South Korea, industry sources said Tuesday, as the nation’s largest conglomerate seeks to enhance profitability in the large display business with its latest technologies. Samsung is expected to unveil [...]
SEOUL, Sept. 21 (Korea Bizwire) — South Korea’s cathode material producers are likely to see solid earnings in the fourth quarter of the year on a surge in nickel and cobalt prices, analysts here said Saturday, amid growing demand for electric vehicle (EV) batteries. Nickel and cobalt are key raw materials for cathodes, one of [...]
SEOUL, Sept. 17 (Korea Bizwire) — LG Display Co. said Tuesday it will begin a voluntary retirement program as part of cost-cutting efforts amid mounting losses from its liquid crystal display (LCD) business. The display making unit of LG Electronics Inc. said it will accept early retirement from manufacturing employees who have worked over five [...]
SEOUL, Sept. 17 (Korea Bizwire) — Global competition for electric vehicle (EV) batteries has countries and companies battling to attract top talent. In particular, concerns over technology leaks are growing as battery manufacturers in China, Europe and other countries have been attempting to woo Korean workers. Companies are offering high salaries targeting skilled Korean talent. [...]
SEOUL, Sept. 17 (Korea Bizwire) — South Korean shipbuilders may receive more orders following drone strikes on Saudi Arabia’s crude processing facilities, analysts here said Tuesday, as the incident is likely to push up demand for liquefied natural gas (LNG) tankers and offshore facilities. Saudi Arabia shut down about half of its oil production Saturday [...]
SEOUL, Sept. 17 (Korea Bizwire) — Hanwha Total Petrochemical Co., a major petrochemical producer in South Korea, said Tuesday it has completed an expansion of its ethylene and propylene production facilities. Hanwha Total said its Naphtha Cracking Center (NCC) Side Gas Cracker at its plant in South Chungcheong Province has started commercial operations. Hanwha Total [...]
SEOUL, Sept. 16 (Korea Bizwire) — LG Display Co., Ltd. on Monday named LG Chem Ltd. President Jeong Ho-young as its new chief executive officer as it seeks a turnaround in its worsening display panel business. Jeong, who has also served as chief operating officer of the country’s leading chemical firm, will replace LG Display’s [...]
SEOUL, Sept. 16 (Korea Bizwire) — The chief executives of LG Chem Ltd. and SK Innovation Co. — two South Korean electric vehicle (EV) battery makers — met Monday to make a breakthrough in their legal battles over EV battery patents but apparently failed to find common ground. LG Chem CEO Shin Hak-cheol met with [...]