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S. Korea Joins U.S.-led Coordinated Release of Crude Reserves

S. Korea Joins U.S.-led Coordinated Release of Crude Reserves

SEOUL, Nov. 23 (Korea Bizwire) — The South Korean government said Tuesday it will join the U.S.-led plan to release strategic crude reserves along with other major oil-consuming nations to help bring down soaring energy prices. “The government decided to accept the U.S. request to release crude stockpiles, considering the need for international coordination on [...]

Refiners’ Continued Negative Margin Dims Earnings Outlook

Refiners’ Continued Negative Margin Dims Earnings Outlook

SEOUL, Aug. 11 (Korea Bizwire) — South Korean oil refiners’ key profitability measure has remained stuck in negative terrain for weeks, clouding their earnings outlook, industry sources said Tuesday. The benchmark Singapore complex gross refining margin (GRM) was estimated at minus US$0.30 per barrel for the first week of August, marking the fourth straight week [...]

The Canadian Oil Service Sector Supports the Emergence of New Canadian Geothermal Developers

The Canadian Oil Service Sector Supports the Emergence of New Canadian Geothermal Developers

CALGARY, Alberta, May 26 (Korea Bizwire) — At the end of April, The Canadian Association of Oilwell Drilling Contractors (CAODC), Clean Energy Canada and the Petroleum Services Association of Canada (PSAC) joined together to establish an alliance with the existing geothermal industry participants to promote Canadian geothermal development and to create jobs for displaced oil [...]

Government and Petrochemical Firms at Odds on the ‘Hydrogen Dream’ in S. Korea

Government and Petrochemical Firms at Odds on the ‘Hydrogen Dream’ in S. Korea

SEOUL, Mar. 4 (Korea Bizwire) — The ‘Roadmap for Stimulating the Hydrogen Economy’, announced by the South Korean government, is at the center of criticism for being unrealistic and based on false market analysis. By-product hydrogen, produced during petrochemical processing, is being seen as a new source of energy for eco-friendly vehicles. The volatile oil [...]

Gov’t Asks Petrochemical Firms to Diversify Portfolios Ahead of Industrial Slump

Gov’t Asks Petrochemical Firms to Diversify Portfolios Ahead of Industrial Slump

SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s trade ministry on Tuesday urged South Korean petrochemical companies to diversify their portfolios to cope with the anticipated slump in the industry and overcome protectionism. The Ministry of Trade, Industry and Energy said the petrochemical industry is expected to experience a downturn after enjoying the previous three [...]