SEOUL, Jun. 10 (Korea Bizwire) — After hosting an inaugural summit with 48 African nations last week, President Yoon Suk Yeol is now heading to Central Asia for another round of “sales diplomacy” aimed at enhancing economic partnerships with resource-rich nations. Yoon kicked off a weeklong trip to Turkmenistan, Kazakhstan and Uzbekistan on Monday for [...]
SEJONG, Jun. 7 (Korea Bizwire) — A potential discovery of oil and gas reserves off South Korea’s East Sea is “highly prospective,” Vitor Abreu, the owner of the U.S. geoscience research company Act-Geo behind the project, said Friday, citing the presence of hydrocarbons in the offshore fields. “So to summarize … the basin is highly [...]
SEOUL, Jun. 4 (Korea Bizwire) — The owner of U.S.-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul’s newly envisioned offshore oil and gas exploration project on the east coast. On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the [...]
SEOUL, Jun. 5 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Wednesday it has signed an initial pact with a U.S. company to strengthen the competitiveness of its electric vehicle (EV) battery management solutions. LGES has signed a memorandum of understanding (MOU) with Analog Devices, Inc. (ADI) to jointly [...]
SEOUL, Jun. 4 (Korea Bizwire) –The Seoul Metropolitan Government announced on May 4 that it will produce its bottled drinking water brand Arisu in 100% recycled plastic PET bottles. Last year, the city supplied Arisu in bottles made with 30% recycled plastic, which had received certification from the Ministry of Environment and the Ministry of [...]
SEOUL, Jun. 4 (Korea Bizwire) – As the era of artificial intelligence (AI) intensifies the demand on data centers, the immersion cooling market for cooling overheated electronic devices is gaining attention. Immersion cooling fluids are non-conductive lubricants traditionally used by oil refiners, who are now rushing into this emerging business en masse. According to industry analysts, [...]
SEOUL, Jun. 3 (Korea Bizwire) — President Yoon Suk Yeol said Monday that a potentially massive oil and gas reserve could be buried off the southeast city of Pohang and drilling will begin later this year to determine whether it is real. The reserve off Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul, [...]
SEOUL, May 31 (Korea Bizwire) — South Korea plans to build up to three new nuclear reactors by 2038 in line with efforts to cut carbon emissions and meet the growing electricity demand, officials said Friday. The plan, which will run from 2024 to 2038, comes under the biennial energy blueprint submitted by a group [...]
SEOUL, May 31 (Korea Bizwire) – Hyundai Engineering & Construction has commenced construction on a large-scale hydrogen production facility based on water electrolysis in the renewable energy complex of Buan County, North Jeolla Province. The groundbreaking ceremony on May 30 marked the beginning of the construction phase for this significant project. The event was attended by [...]
SEOUL, May 28 (Korea Bizwire) — South Korea’s trade ministry said Tuesday it has agreed with the Association of Southeast Asian Nations (ASEAN) to expand cooperation in digital transition, clean energy and other areas. Trade Minister Cheong In-kyo met ASEAN Secretary-General Kao Kim Hourn in Seoul to discuss cooperation on areas of mutual interest, including [...]