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 [...]
SEOUL, Oct. 18 (Korea Bizwire) — Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won (US$1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by [...]
SEOUL, Oct. 5 (Korea Bizwire) — South Korean oil refiners’ third-quarter earnings are unlikely to recover markedly following their worst performances in the first half due to the fallout from the coronavirus pandemic, industry sources said Monday. The grim outlook comes as leader SK Innovation Co. and three other players have been whipsawed by weak [...]
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 [...]
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 [...]
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. [...]