Petroleum Archives | Be Korea-savvy
Power Plants Switch to Eco-friendly, Bio-heavy Oil

Power Plants Switch to Eco-friendly, Bio-heavy Oil

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 [...]

New Technology Makes Possible Extraction of Valuable Substance from Oil Residue

New Technology Makes Possible Extraction of Valuable Substance from Oil Residue

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 [...]

S. Korean Refiners Diversify Imports of Condensate over U.S. Sanctions on Iran

S. Korean Refiners Diversify Imports of Condensate over U.S. Sanctions on Iran

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 [...]

Falling Oil Prices to Boost Consumption in Emerging Economies: Sources

Falling Oil Prices to Boost Consumption in Emerging Economies: Sources

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 [...]

S. Korea to Accelerate Restructuring of Shaky Industries in 2017

S. Korea to Accelerate Restructuring of Shaky Industries in 2017

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 [...]