Tag Archives: South Korea

The South Korean Government has announced plans to build a 6GW floating offshore wind farm off the coast of Ulsan by 2030. President Moon Jae-in said that the project would require a KRW36tn ($32.8bn) investment and would create 210,000 jobs in the region. The wind facility is planned for the …

South Korean shipbuilders are enjoying a booming liquefied petroleum gas (LPG) ship market, snapping up a significant number of new orders placed this year, industry data showed Sunday. South Korean builders have won 31 LPG carriers out of 44 ordered so far this year, accounting for about 70 percent of …

North Asia’s liquefied natural gas importers are making earlier-than-usual moves to stock up ahead of the winter, after they were caught flat-footed this year by a sudden cold blast that sent spot rates skyrocketing to a record. China’s Sinopec purchased at least 35 cargoes for delivery between June and February …

South Korea signed an agreement with the United Arab Emirates on Thursday to cooperate on the hydrogen economy, further expanding their partnership currently focused on nuclear energy, oil and gas. During the Korea-UAE Industry and Energy Cooperation Forum held online, South Korean Minister of Trade, Industry and Energy Sung Yun-mo …

A South Korean delegation on Thursday departed for Tehran to negotiate an early release of an oil tanker and its crew members seized by Iranian authorities, according to local media. The delegation led by Koh Kyung-sok, director-general of the Foreign Ministry’s Africa and Middle Eastern affairs, left early morning along …

The coronavirus pandemic is likely to have come as a big draw on South Korean oil refiners last year as their low refining margins ate into their profitability, industry sources said Sunday. Whipsawed by weak oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players …

The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday. The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of …

Samsung Heavy Industries said Tuesday it obtained a detailed design approval from the US ship classification organization American Bureau of Shipping for its natural gas liquefaction cycle technology, the first in the shipbuilding industry. The shipbuilder said, upon the approval, it can save costs for the payment of technology fees …

Iranian Foreign Ministry in an announcement on Wed. emphasized that Islamic Republic of Iran will pursue a complaint concerning its frozen assets against the South Korean banks in the international courts of justice. Iranian Ministry of Foreign Affairs reiterated, “No telephone calls have been made by the spokesperson of the …

Iran is in the brink of halting export of gas condensates and is instead going to process the ultra-light oil in its new refineries to produce higher-value chemicals, oil Minister Bijan Namdar Zangeneh said.