Natural-resource-poor South Korea has been sensitive to changes in the global energy landscape for its energy security. One of the latest major trends in the global energy sector is the emergence of natural gas in the global energy mix, boosted by the shale gas revolution in the U.S.In line with the trend, Korea, the world’s second-largest buyer of liquefied natural gas, is advised to develop a strategy in preparation for the “golden age of gas.”“The upcoming shale gas boom will reduce natural g

Business Feb. 12, 2013

The nation’s biggest property development project to build an international business district in Yongsan, central Seoul, by 2016 is fending off bankruptcy amid difficulties in financing the construction of the landmark 150-story Dream Tower, the centerpiece of the project.The board of Dream Hub, which is responsible for the financing and planning of the Yongsan development project, convened a meeting Thursday to discuss ways to extend a lifeline to the project, but failed to draw an agreement. I

Industry Feb. 7, 2013

Despite a growing dispute over alleged flaws of the four-river restoration project here, the nation’s water control and management capability gained recognition overseas as the Korean consortium was selected as a priority negotiation partner for all 10 major water management projects being pushed by the Thai government on Tuesday. Among the bidders, Korea, Japan and China have been in a tight race for the 10 projects worth 12 trillion won ($11 billion), which is intended to advance Thailand’s in

Feb. 6, 2013

Visitors from mainland China, Taiwan and Hong Kong topped tourist numbers to Korea last year, surpassing Japanese tourists for the first time, Ministry of Culture, Tourism and Sports officials said Tuesday. The number of Chinese visitors rose 27.8 percent to 3.75 million in 2012 from the previous year, while the number of Japanese visitors grew just 7 percent to 2.84 million in the same period due to the weak yen. Chinese visitors took 33.6 percent of the nation’s inbound tourism market, followe

Feb. 5, 2013

Korean steel giant POSCO on Tuesday announced three winners of the 2013 TJ Park Award through its charity arm TJ Park Foundation.Kim Eun-joon from the molecular neurobiology department at the Korea Advanced Institute of Scince and Technology was awarded in the science category. Yangeop High School founder Yoon Byung-hoon and Mindeulle Noodle House CEO Seo Yong-nam received an award in the education and the volunteering categories, respectively.The TJ Park Foundation, established in 1971 by the l

Industry Feb. 5, 2013

in response to rising uncertainties in the global steel industry, POSCO’s top management unveiled its strategy for future growth at the beginning of 2012. According to the blueprint titled as the “POSCO Family Vision 2020,” POSCO will seek core business expansion from steel to energy and material. In the course of developing the renewed growth vision, POSCO acquired independent power provider Kyungin Energy, now POSCO Energy, in 2005, plant builder Sung Jin Geotec in 2010 and Daewoo Internationa

Business Feb. 4, 2013

When asked which corporate brands represent Korea, Koreans are likely to pick Samsung, Hyundai Motor or LG without hesitation. In a survey in 2012 on what company Koreans loved, however, POSCO, the nation’s top steelmaker, came ahead of other conglomerates. Despite its privatization in 2000, POSCO has been considered a company for the citizens since its foundation in 1968 because of its history attributing to the nation’s economic miracle starting from scratch. Beyond Korea, POSCO has also grown

Business Feb. 4, 2013

Doosan Group, the nation’s 12th-largest conglomerate by assets, said Monday it would inject a paid-in capital increase to its construction arm Doosan Engineering & Construction, which is facing a liquidity crisis. Industry watchers said the group’s move will help Doosan E&C secure up to 1 trillion won ($918 million) by issuing new shares to major shareholders under the Doosan Group umbrella.The group’s Doosan Heavy Industries holds 72.74 percent of Doosan E&C’s shares, while Doosan E&C honorary

Industry Feb. 4, 2013

Korea Electric Power Corp. CEO Cho Hwan-eik was named Tuesday as the new chairman of the organizing committee for the 22nd World Energy Congress to be held in Daegu between Oct. 13 and 17, 2013.The post had been led by acting chairman Kim Young-hoon, chairman of Daesung Group, since November last year, following the resignation of former KEPCO CEO Kim Joong-kyum. Cho said the organizing committee will prepare for the event as a festival for all participants. The 2013 WEC in Daegu, the world’s la

Jan. 29, 2013

KOMIPO has developed social responsibility activities to generate happiness when it goes abroad. “Power is a necessity for life of people, and without it people cannot be happy. Generating happiness is tied to our core business,” KOMIPO CEO Choi Pyeong-rak said.When KOMIPO goes abroad, the company seeks out such activities to deliver its corporate value to local people as part of its global corporate citizenship program. Following a series of discussions, the power generation company developed e

Jan. 29, 2013

This is the second in a series of case studies on the nation’s leading state-run companies which have made success stories overseas. ― Ed.The Korea Midland Power Co., or KOMIPO, has big plans, seeking to emerge as a global brand for power generation by 2020.“I am confident that the successful launch of a power plant in the fast-growing Indonesian power generation market last year will lay the foundations for the company’s drive for overseas expansion,” KOMIPO CEO Choi Pyeong-rak told The Korea H

Jan. 29, 2013