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, Feb. 5 (Korea Bizwire) – Retail oil prices in South Korea rose for the 27th week in a row this week in line with a hike in global crude oil prices, recording the longest run ever, data showed Saturday. The average gasoline price nationwide was 1,559.6 won (US$1.43) per liter in the fifth week of January, edging up 4.3 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. [...]
SEJONG, March 7 (Korea Bizwire) – South Korea’s state-run energy resource companies will move forward with their restructuring efforts this year as part of the government-led plan to streamline operations in the midst of low global oil prices, the commerce ministry said Tuesday. At a meeting convened by the Ministry of Trade, Industry and Energy [...]
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 [...]
SEOUL, May 13 (Korea Bizwire) – South Korean energy firm GS Energy Corp. said Wednesday it has won a 3 percent stake in an oil concession in the United Arab Emirates, joining major players from Japan and France to pump oil from the largest oil field in the Middle East country over the next four decades. [...]
SEOUL, April 3 (Korea Bizwire) — Three South Korean state-run energy companies have suffered billions of dollars in losses from overseas resources development projects since 2003, the state audit agency said Friday. The outcome by the Board of Audit and Inspection of Korea (BAI) comes as prosecutors are probing several local firms for alleged embezzlement [...]