SEOUL, Sept. 25 (Korea Bizwire) — Preparations have been under way for the first exploratory drilling in December for potential oil and gas reserves off the nation’s East Sea, officials said Wednesday. Industry Minister Ahn Duk-geun hosted a meeting with related agencies in Seoul to review the progress of preparations for a project in the [...]
SEJONG, May 8 (Korea Bizwire) – Industry Minister Ahn Duk-geun has said the government is weighing the “appropriate timing” to raise utility prices, including gas and electricity, amid the volatility in the global market. “As the situations in the Middle East remain unstable, we are monitoring the situation while finding the appropriate timing to raise [...]
SEOUL, Jan. 23 (Korea Bizwire) — South Korea’s producer prices moved up 0.1 percent on-month in December due to the higher cost of agricultural products and gas, the central bank said Tuesday. The producer price index, a major barometer of consumer inflation, came to 121.19 last month, up from 121.02 tallied in November, according to [...]
SEOUL, May 24 (Korea Bizwire) — The Seoul Metropolitan Government announced on Tuesday its plan to launch a new energy production project utilizing gas produced during the sewage treatment process. The project involves installing a fuel cell facility at a sewage treatment plant to generate electricity and heat by utilizing the gas. In order to [...]
SEOUL, May 15 (Korea Bizwire) — South Korea will raise second-quarter electricity rates and gas prices by 5.3 percent on-year on high global energy costs and mounting losses of state utility companies, the industry ministry said Monday. The government will jack up the electricity rates for consumer and industrial use by 8 won (US$0.01) per [...]
SEOUL, March 31 (Korea Bizwire) — The ruling People Power Party (PPP) and the government agreed to temporarily hold off raising electricity and gas bills but reaffirmed that rate hikes are “inevitable,” a ruling party lawmaker said Friday. The decision was made in a policy consultation meeting amid concerns that a hike in utility fees [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korea’s imports of gas and coal hit an all-time high last year on surging global energy prices, data showed Thursday. The value of gas imports came to US$56.7 billion last year, the highest since 1956 when the government began compiling the related data, according to the Ministry of [...]
SEOUL, Nov. 15 (Korea Bizwire) — South Korea’s state-run gas company Korea Gas Corp. (KOGAS) announced on Monday that it had started producing liquefied natural gas (LNG) at the Coral gas field in Mozambique, and the first shipment had been completed. The project uses a floating liquefied natural gas (FLNG) facility to extract gas from [...]
SEJONG, March 28 (Korea Bizwire) — South Korea’s energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country’s trade balance and consumer inflation. The country’s imports of oil, natural gas and coal came to US$38.49 billion from Jan. 1-March 20, up 85.4 percent from a [...]
SEOUL, Sept. 8 (Korea Bizwire) — A new form of inspection that will minimize person-to-person contact will replace regular gas safety checks starting next year. The Korea Gas Safety Corp. (KGS) announced on Monday that it is introducing the KGS Smart Inspection System, which uses a portable inspection device to carry out gas safety checks [...]