SEOUL, Dec. 26 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) said Tuesday it will explore potential sites for undersea carbon capture and storage (CCS) facilities in the seas surrounding the Korean Peninsula. The move is part of the government’s plan to reduce greenhouse gas emissions through CCS facilities by 4.8 million tons [...]
SEOUL, April 20 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) lapsed into a complete capital erosion in 2020 as its liabilities exceeded assets due to continued losses, data showed Tuesday. KNOC’s liabilities stood at 18.64 trillion won (US$16.7 billion) as of the end of last year, up nearly 514 billion won from [...]
SEOUL, Sept. 10 (Korea Bizwire) — Power plant builder Doosan Heavy Industries & Construction Co. said Thursday it has signed a preliminary deal with the Korea National Oil Corp. (KNOC) to develop a floating offshore wind farm. Under the deal, Doosan Heavy will provide floating wind turbines, while the state-run oil company will work on [...]
SEJONG, Jan. 7 (Korea Bizwire) — The state-run Korea National Oil Corporation (KNOC) said Monday that it expects weak earnings for 2019 and vowed to focus on profitable core businesses to improve its financial health going forward. “Despite improving operating profit, the latest decline in fuel costs and the losses from the exploration & production [...]
SEJONG, Mar. 11 (Korea Bizwire) — The South Korean government allocated fewer funds to purchase oil products, missing out on the opportunity to stock up on emergency energy reserves at the lowest costs in decades, records showed Wednesday. According to the Ministry of Trade, Industry and Energy, the government plans to purchase 219,000 barrels of [...]
SEOUL, Jan. 9 (Korea Bizwire) — The South Korean government on Friday pressured the oil and gas industry to further cut petroleum prices as it pushes to pass on the benefit of tumbling global oil prices to consumers to spur spending. The Ministry of Trade, Industry and Energy asked for “cooperation” of petroleum industry officials [...]
SEOUL, Jan. 3 (Korea Bizwire) – It took only four days for one of Korea’s largest state-run corporations to come to a decision to take over Harvest Energy Trust, a significant operator in Canada’s energy industry, even though the Korean entity was aware of the would-be merged company was in poor financial condition in 2009, said [...]