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Koreans Consume More Refined Oil Products on Low Crude Price

Koreans Consume More Refined Oil Products on Low Crude Price

SEOUL, June 3 (Korea Bizwire) — South Korea’s consumption of refined oil products rose solidly this year on low crude prices, industry data showed Wednesday, providing some relief to local refiners struggling to cope with slumping exports. Domestic consumption of refined petroleum products reached 283.7 million barrels in the January-April period, up 4.7 percent from [...]

Korean Refiners to Get Back Money as Supreme Court Overturns the Previous Ruling

Korean Refiners to Get Back Money as Supreme Court Overturns the Previous Ruling

SEJONG, Feb. 10 (Korea Bizwire) – South Korea’s antitrust watchdog said Tuesday it will abide by a Supreme Court ruling that would force it to give back 119.2 billion won (US$109.2 million) it took as fines from two local oil refiners who were accused of distorting free market competition. The court overturned actions taken by [...]

Opposition Lawmaker Calls for Rollback of Foreign Investment Encouragement Law

Opposition Lawmaker Calls for Rollback of Foreign Investment Encouragement Law

“The Ministry of Trade, Industry and Energy said on January 1 this year there will be additional job creation effects of 14,000 more jobs as well as foreign investment of more than 2.3 trillion won. For 11 months since the law’s revision, however, there has been almost no new foreign investment.” “The number of new [...]