A trading unit of SK Innovation, which owns the country’s largest refiner SK Energy, will quadruple its offshore low-sulfur fuel supply in 2020 to meet the growing demand for diesel fuel with substantially lowered sulfur content under toughening emission control regulations, the company said Monday.SK Trading International plans to increase its oil blending capacity from 23,000 barrels per day to 90,000 barrels next year, aiming to become the No. 1 provider of low-sulfur fuel in Asia. The

Industry July 8, 2019

Amid intensifying fears over Japan’s retaliatory moves against Korea, leaders of major South Korean conglomerates were invited to a private meeting with top policymakers on Sunday to discuss countermeasures, according to reports. Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, were to meet Hyundai Motor Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo, Yonhap News Agency reported, citin

Industry July 7, 2019

The South Korean government said Wednesday that it has started a legal review for filing a complaint with the World Trade Organization over Japan’s export restrictions -- widely seen as the neighboring country’s retaliation against the ruling by Korea’s top court on wartime forced labor.Trade officials here believe that Japan’s move to limit exports of key materials used to produce semiconductor and displays violates the WTO’s ban on states’ control of exports

Technology July 3, 2019

The South Korean government said Wednesday that it has started to conduct a legal review on its complaint to the World Trade Organization over Japan’s export restrictions -- widely seen as the neighboring country’s retaliation against the ruling by Korea’s top court on wartime forced labor.Trade officials here believe that Japan’s move to limit exports of key materials used to produce semiconductor and displays violates the WTO’s ban on states’ control of expo

Technology July 3, 2019

In celebration of the company’s 49th anniversary, the chief of Samsung SDI urged staff on Monday to secure exclusive battery technology by creating an innovative corporate culture.“We can achieve sustainable growth only if we build (and) innovate corporate culture at a time of intensifying market competition for leadership in the future,” said Jun Young-hyun, CEO and president of Samsung SDI, a battery making unit under Samsung Electronics. “Through our innovative DNA, wh

Industry July 1, 2019

Jungheung Group, a major South Korean construction conglomerate based in Gwangju, announced Monday that it has become the largest shareholder of Herald Corp., the parent company of The Korea Herald and The Herald Business.As part of its strategy to diversify its construction-focused business, Jungheung completed acquisition of 47.8 percent stake in Herald Corp. late last month, pledging to innovate with the Seoul-based media company through strategic investments. Upon inauguration as the new cha

Industry July 1, 2019

The Mercedes-Benz corporate social responsibility committee is celebrating its fifth anniversary and is now reaching out to a wider range of communities in need, as part of an effort to increase social acceptance of gender and cultural diversity.Saying the CSR program had reached its “adolescence,” Dimitris Psillakis -- chairman of the Mercedes-Benz CSR committee, which is made up of the carmaker and its dealers -- said the multibillion-won charity platform would expand its education

Mobility June 30, 2019

BMW Korea, importer and distributer of the German luxury car, on Wednesday unveiled its face-lifted 7 series, targeting customers in theirs 30s and 40s, younger than its rival Mercedes-Benz.With its attractive kidney grille -- 50 percent larger than its predecessor -- the latest 7 series has deployed an L shape LED rear lamp and state-of-the-art drive assistant features to highlight its reputation as a high luxury sedan, the company said. The predecessor, the sixth-generation 7 Series, was unvei

Mobility June 26, 2019

Leaders of South Korean conglomerates gathered for a meeting with Saudi Arabia Crown Prince Mohammed bin Salman at Cheong Wa Dae on Wednesday to forge partnerships with the oil-rich country, which has been looking to curb its export reliance on fossil fuels through technological breakthroughs and capital inflow.During a private luncheon at the presidential house, chiefs of the country’s major conglomerates sought to strengthen business cooperation with the Middle Eastern country to revital

Industry June 26, 2019

Amid growing expectations about the future business of oil refineries in South Korea, the new chief of the local refining company S-Oil is expected to play a leading role in implementing its growth strategy aimed at enhancing profitability.S-Oil CEO Hussain Al-Qahtani, whose term started June 13, has begun overseeing major company work, to be marked by the inauguration ceremony of the S-Oil Onsan Refinery in Ulsan on Wednesday. The state-of-the-art facility houses a residue upgrading complex and

Industry June 26, 2019

South Korean auto giant Hyundai Motor said Monday it will deliver additional units of Ioniq hybrid to a Singaporean transportation company, prolonging its lead as vehicle supplier in the local market.Confirming its contract with ComfortDelGro, Hyundai Motor will be supplying 2,000 units of Ioniq gasoline hybrid vehicles, 1,500 units by the end of this year and the remaining within the first half of next year, officials said.The Singaporean company, which is the largest transportation business op

Mobility June 24, 2019

The Korea Herald is publishing a series of interviews with foreign executives at Korean firms on their role and vision for change, growth in the homogenous corporate world. -- Ed.YONGIN, Gyeonggi Province -- What struck Gregory Baratoff, a US auto engineer with a long career background in Germany, when he started working in South Korea was the sense of low esteem that prevailed in his new office. Since joining Hyundai Mobis, the auto parts maker under Hyundai Motor Group, in 2017, Baratoff has b

Mobility June 23, 2019

HAMBURG, Germany -- In Hamburg, Germany, where the fight against carbon emissions is in full swing, having more electrified cars on the streets is not the only solution the city has in mind -- it also wants to have fewer cars, or more shared cars. To this end, the digitalization of urban mobility and creating space for future technologies to evolve is key.Germany’s second-largest city with a population of 1.8 million, Hamburg is promoting itself as a “mobility lighthouse,” turn

Mobility June 19, 2019

현대차가 세계최대정유사인 사우디 아람코와 수소사업 인프라 구축에 대한 포괄적 협력을  한다. 정의선 현대차 그룹 수석부회장은 오는 26일 방한하는 사우자 왕세자와 접견하고, 사우디 아람코와 수소 인프라 구축 사업 추진하기 위한 양해각서 (MOU)를 체결한다. 모하메드 빈 살만 왕세자는 정 부회장 외에도 삼성전자 이재용 부회장, 최태원 SK그룹 회장, LG 구광모 부회장과도 만날 것 으로 알려졌다.한 관계자는 “사우디 아람코는 수소를 미래 사업으로 본다”며 “현대차의 연료전지 기술관련 협력도 포함될 것으로 보인다”고 말했다.이와 관련, 국영기업인 아람코는 지난 17일 미국 에어 프로덕트 社와 합작으로 사우디아라비아 다란 테크노밸리에 사우디 첫 수소충전소를 열었다.[코리아헤럴드 조정은기자] (christory@heraldcorp.com)

한국어판 June 19, 2019

South Korean carmaker Hyundai Motor will partner Aramco, the biggest oil company in the world, on the “comprehensive” development of hydrogen energy, sources told The Korea Herald on Wednesday.An official familiar with the matter said the two companies would sign a memorandum of understanding on hydrogen-related business in the presence of Saudi Arabia’s Crown Prince Mohammed Bin Salman and Hyundai Motor Group Executive Vice Chairman Chung Eui-sun.The Saudi Prince visits Seoul

Mobility June 19, 2019