SEOUL, Jul. 9 (Korea Bizwire) — South Korea’s major refiners are expected to see improved earnings for the second half of the year on recovering refining margins, industry observers here said Tuesday. The benchmark Singapore complex gross refining margin (GRM) for the first week of July was estimated at US$6 per barrel, up $2.8 from [...]
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 [...]
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 [...]
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 [...]
WASHINGTON/SEOUL, Nov. 5 (Korea Bizwire) — The United States on Monday granted a waiver to South Korea and seven other nations after renewing its ban on imports of Iranian oil. U.S. Secretary of State Mike Pompeo announced that the temporary exemptions were being given based on “specific circumstances” and to ensure a well-supplied oil market. [...]
DENVER, Sept. 6 (Korea Bizwire) — Sundance Energy Australia Limited (ASX:SEA) (NASDAQ:SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, today provided an update regarding the Company’s recent development activities. Production Sundance brought 7 wells online in August, including 5 wells [...]
SEOUL, Sept. 5 (Korea Bizwire) — Local researchers have found a new way to produce synthetic graphite, a highly useful substance, from inexpensive petroleum. The Korea Research Institute of Chemical Technology (KRICT) announced yesterday that Dr. Im Ji-seon’s research team had developed technology that can produce “pitch” using oil residue for the first time in [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korea’s exports of petroleum products reached an all-time high in the first half of the year, thanks to robust global demand and a rise in oil prices, government data showed Monday. Outbound shipments of petroleum goods reached 260 million barrels in the January-June period, up 4.2 percent from [...]
SEOUL, Dec. 1 (Korea Bizwire) — A further rise in international oil prices is expected to impact the South Korean economy negatively by sapping consumer spending and corporate investment, a private think tank said Friday. Crude prices have recently surpassed the US$60 mark per barrel on a global economic recovery and on hopes for the [...]
SEOUL, Sept. 11 (Korea Bizwire) — The United Nations Security Council is set to vote on a new resolution on Monday in New York, which puts caps on exports of crude oil and petroleum products to North Korea in response to the country’s defiant nuclear test earlier in the month, news reports said. A revised [...]