SEOUL, Apr. 15 (Korea Bizwire) — South Korea’s largest steelmaker POSCO said Monday that it will reorganize its liquefied natural gas (LNG) operations as part of its efforts to enhance its business efficiency. The company said in a regulatory filing that its board of directors last week approved the transfer of its LNG terminal in [...]
SEOUL, Mar. 19 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it will sharply reduce the import surcharge imposed on liquefied natural gas (LNG) in line with the government’s efforts to control fine dust pollution. The Ministry of Trade, Industry and Energy said the new rules will cut the levy on the more environment-friendly [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s imports of liquefied natural gas (LNG) reached an all-time high in 2018 amid a spike in purchases from the United States, industry data showed Monday. The country’s LNG imports totaled 44.04 million tons last year, up 17.3 percent from the prior year and a new record high, [...]
SEOUL, Jan. 22 (Korea Bizwire) — The Ministry of Trade, Industry and Energy announced on Monday that it will include additional fine dust reduction measures in the 9th Basic Plan on Electricity Demand and Supply, which is to be established this year. The government plans to expand its policy to limit coal power plant output [...]
SEOUL, Sept. 27 (Korea Bizwire) — With U.S. President Donald Trump continuing to push to implement policies to export liquefied natural gas (LNG), South Korea was found to be the largest importer of American LNG this year. According to a recent report released by the U.S. Energy Information Administration (EIA), the total amount of LNG [...]
SEOUL, Feb. 21 (Korea Bizwire) — South Korea and Russia have agreed to beef up cooperation in the energy sector on a wide range of areas, including natural gas, electricity and renewable energy development, the Seoul government said Wednesday. Pak Won-ju, South Korean deputy energy minister at the Ministry of Trade, Industry and Energy, held [...]
SEOUL, Oct. 16 (Korea Bizwire) – Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, the top shipbuilders in the country, are struggling from lack of work caused by falling demand for new vessels. According to recent industry data, however, that could change in the not-too-distant future thanks to a projected rise [...]
SEOUL, Sept. 29 (Korea Bizwire) – The current presidential administration’s plans to phase out nuclear reactors and coal power plants will leave an increased electricity bill for future generations. At a symposium attended by energy experts on September 28, professor Heoh Don of Kwangwoon University presented his research findings, which indicated that the cost per [...]
SEOUL, June 1 (Korea Bizwire) – The gap in the cost of electricity generated by coal-fired power plants and LNG power plants is closer than ever, the Korea Power Exchange (KPX) said. According to data released by the KPX yesterday, the unit fuel cost of coal powered electricity was 50.22 won (US$0.045), while the unit [...]
SEOUL, May 23 (Korea Bizwire) — Samsung Heavy Industries Co., a major South Korea shipyard, said Monday that it has clinched a US$100 million deal to build two LNG carriers. Under the deal with South Korean shipper Korea Line Corp., Samsung Heavy will build the ships by December 2019, the company said. The ships, which [...]