SEOUL, Apr. 2 (Korea Bizwire) — South Korea’s inflation stayed over 3 percent for the second consecutive month in March on record prices of fruits and rising global oil prices, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, following a 3.2 percent increase the previous month, according [...]
SEJONG, Mar. 14 (Korea Bizwire) – Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability [...]
SEOUL, Sept. 11 (Korea Bizwire) — A new law will allow bio-heavy oil made from pork fat and other leftover oil to be used to generate electricity in place of petroleum. The Ministry of Trade, Industry and Energy announced yesterday legislation that approves the use of bio-heavy oil to provide a more stable source of [...]
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. 8 (Korea Bizwire) — South Korean refiners and a petrochemical company have begun to increase purchases of ultralight crude from Qatar, the United States and other countries as they cut imports of Iranian condensate due to Washington’s sanctions on Tehran, corporate sources said Wednesday. SK Innovation Co., South Korea’s biggest oil refiner by [...]
SEOUL, March 15 (Korea Bizwire) – Falling crude oil prices will likely boost petroleum and petrochemical products consumption in emerging economies that will benefit South Korea’s refiners, industry sources said Wednesday. Benchmark West Texas Intermediate (WTI) ended at US$49.28 per barrel as of March 9, industry data showed. It is the first time since November [...]
SEJONG, Jan. 25 (Korea Bizwire) – South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday. At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action [...]