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, Mar. 6 (Korea Bizwire) — South Korea’s inflation ticked up to over 3 percent in a month in February on high prices of fresh food items and energy, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, compared with a 2.8 percent increase a month earlier, according [...]
SEOUL, Jan. 30 (Korea Bizwire) – S-OIL announced on January 29 that it has begun incorporating waste cooking oil, bio-based materials, and pyrolysis oil from plastic waste into its refining processes. This marks the first time a domestic refiner in South Korea has integrated bio-based materials into its refining operations, aiming to produce low-carbon and eco-friendly [...]
SEOUL, Dec. 27 (Korea Bizwire) — POSCO Holdings Inc. said Wednesday it has joined hands with a Chinese firm to build a plant for rare gases used mainly in chipmaking in a bid to meet growing domestic demand. South Korea’s top steelmaker said it will break ground in 2024 on the factory, which will be [...]
SEOUL, Dec. 26 (Korea Bizwire) — The state-run Korea National Oil Corp. (KNOC) said Tuesday it will explore potential sites for undersea carbon capture and storage (CCS) facilities in the seas surrounding the Korean Peninsula. The move is part of the government’s plan to reduce greenhouse gas emissions through CCS facilities by 4.8 million tons [...]
SEOUL, Dec. 5 (Korea Bizwire) — South Korean steel company POSCO Holdings Inc. said Tuesday it plans to build an industrial gas production facility at a secondary battery complex in the country’s southeastern port city of Pohang. The company plans to invest 100 billion won (US$76.3 million) in the 16,500-square-meter facility, with an annual production [...]
SEOUL, Nov. 8 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Wednesday it signed a tentative agreement for a project involving lithium extraction from oil-field brine in Canada’s western province of Alberta. Under the memorandum of understanding with Invest Alberta Corporation (IAC) signed in Seoul, POSCO plans to pursue the project for [...]
SEOUL, Nov. 7 (Korea Bizwire) – As the South Korean government decides to expand “altteul” or discount gas stations, concerns are on the rise among owners of regular gas stations. The gas station industry is vocal about discount gas stations pushing regular gas stations towards shutdown. According to the results of a recent local study, discount [...]
SEOUL, Oct. 9 (Korea Bizwire) –Orders for liquefied natural gas (LNG) carriers, an area where South Korea has long maintained a dominant position, have seen a significant decline this year. Nevertheless, the Korean shipbuilding industry is expected to weather this downturn relatively unscathed, thanks in part to record-high LNG carrier prices and a substantial upcoming [...]
SEOUL, Oct. 9 (Korea Bizwire) – South Korea has seen no major impact from the Israel-Palestine conflict on the country’s imports of crude oil and natural gas, the trade ministry said Monday. Officials from the Ministry of Trade, Industry and Energy, the state-run Korea National Oil Corp. and the Korea Gas Corp held an emergency [...]