The energy industry has been showing mixed reactions to the anti-nuclear energy policy touted by President Moon Jae-in, taking a wait-and-see approach for now, as proponents and opponents alike weigh in on the efficacy, importance and reality of realizing no-coal, no-nuclear initiatives.Upon taking office last month, the Moon administration vowed to scrap all new constructions of new nuclear power plants, suspend building of the Shin-Kori No. 5 and 6 plants in Ulsan, close down the Wolsung No. 1

Industry June 11, 2017

South Korea’s leading chemical company LG Chem has landed a large-scale contract to supply seawater filters to water treatment company Metito’s desalination plants in Egypt, the company said Sunday. LG Chem’s latest supply agreement is expected to be worth some 10 to 15 billion won ($9 million to $13 million), similar to the contract signed to provide its filters for the Sohar plant in Oman last year, which was worth at around 10 billion won. Under the contract, LG Chem will begin providing its

Industry June 11, 2017

Hyundai Motor’s 2017 Genesis G90 luxury sedan was named the most satisfying vehicle on AutoPacific’s 21th Vehicle Satisfaction Awards, the company said Thursday.The VSAs are based on responses from some 54,000 owners of cars and light trucks released in 2016 and 2017. AutoPacific’s VSAs measure owner satisfaction with 49 separate attributes, ranging from interior comfort and styling to fuel economy and performance.Hyundai’s Genesis G90 also won the President’s Award, which is given to vehicles t

Mobility June 8, 2017

Shipbuilder Samsung Heavy Industries is one step closer to achieving its annual order target, as the company has reached an agreement to sign more contracts later this year. SHI has signed a letter of intent with Seaone in mid-May, to build 12 articulated tug barges that will carry compressed gas, the company said Thursday. The contract is expected to be worth some $1.5 billion. (Yonhap)Seaone is likely to make a final decision in November, according to industry insiders. Details of the on-going

Industry June 8, 2017

South Korea‘s leading chemical firm LG Chem was offered financial support worth $12.6 million from the Bill and Melinda Gates Foundation to develop its inactivated polio vaccine used to prevent infantile paralysis, the company said Wednesday.　With the funds provided by the foundation, LG Chem will boost its clinical research overseas and expand its vaccine producing facility in Osong, North Chungcheong Province, the company said. LG Chem’s vaccine facility in Osong, North Chungcheong Province (L

Technology June 7, 2017

South Korea’s largest steelmaker Posco fired up its third blast furnace Tuesday after three months of renovation work that turned the steelmaking unit into the world’s fifth largest, the company said. Posco spent a total of 370 billion won ($330 million) to reconstruct and expand its capacity to 5,600 cubic meters from 4,350 cubic meters. Posco also added an automated monitoring system to check “the inner condition of the blast furnace” on a real-time basis, an official said. The monitoring syst

Industry June 6, 2017

Samsung Heavy Industries has secured a deal worth $2.5 billion to build a liquefied natural gas facility off the coast of Mozambique, the company said Friday. The deal is part of the Coral South project led by Italy’s state-run energy firm Eni and other partner companies. Under the contract, Samsung Heavy Industries will construct a floating natural gas production facility by 2020. The construction is expected to begin in 2019, according to the company.  (Yonhap)The facility, which measures 439

Industry June 2, 2017

South Korea’s imports of coffee products posted a record-high last year, with the domestic coffee market continuing to expand, government data showed Friday.Inbound shipments of coffee products, such as unroasted beans, roasted beans and coffee capsules reached 159,000 tons as of end-December last year, a 10.7 percent increase compared to 2015, data from the Korea Customs Service said. It was the largest amount recorded since the Korea Customs Service started compiling the related data in 2000. 

Industry June 2, 2017

Hanwha Chemical is advancing into the eco-friendly plasticizer market with its newly developed plasticizer ECO-DEHCH, the company said Wednesday. Plasticizers are additives that increase plasticity, often used in PCV applications. Hanwha Chemical’s new plasticizer is free of phthalates, unlike conventional plasticizers that include phthalates, which are chemicals harmful to humans, the company explained. (Yonhap)From Thursday, the company will start manufacturing its new plasticizer at its facil

Industry May 31, 2017

LG MMA, South Korea’s biggest methyl methacrylate manufacturing company, said Wednesday it will invest some 130 billion won ($116 million) to expand its facility to meet growing demand for MMA.MMA is a chemical compound used for manufacturing acrylic glass, which is needed in the production of electronics such as mobile phone screens, LCD screens and monitors among others. LG MMA expects its annual produce to increase from the current 180,000 tons to 260,000 tons, when the expansion work is comp

Industry May 31, 2017

SK Innovation said Tuesday it will focus on battery and chemicals businesses as its future growth engines, expanding investment and continuing to seek merger and acquisition opportunities.“SK Innovation aims to build a more sustainable profit structure through the choice and focus strategy,” SK Innovation CEO Kim Jun said Tuesday, during a press conference held at the company’s headquarters in Seoul.SK Innovation will continue to strengthen its oil refining business, while looking for new opport

Industry May 30, 2017

The state-run Korea Electric Power Corporation, the nation’s sole electricity provider, has maintained its strong presence in the Forbes Global 2000, the business magazine’s annual list of the biggest 2,000 public companies in the world, Kepco said Sunday.In this year’s list, Kepco ranked 138th, while placing second in the electric utilities sector. Kepco has also topped all other Asian electricity providers for the third consecutive year. (Yonhap)In 2016, Kepco was listed 97th for 2016 in an an

Companies May 28, 2017

Tech behemoth Samsung Electronics on Thursday opened its Galaxy Studio at Bank Gallery, located in Omotesando, Tokyo, the company said Sunday, ahead of the planned launch of its Galaxy S8 next month.Samsung Electronics will hold a series of promotional events at its newly opened studio through July 3, the company added. At the studio, customers will have hands-on experience of Samsung‘s latest electronic gadgets, including Galaxy S8, Galaxy S8 Plus, new 360-degree camera Gear 360 and Gear VR, a

Technology May 28, 2017

General Electric has joined a next-generation power supply development project named Energy Valley Project led by Korea Electric Power Corp. in Naju, South Jeolla Province.The two firms held a launch event Thursday for the GE “Bitgaram” office that will provide GE legal and technical support.Kepco CEO Cho Hwan-eik and GE Energy Connections CEO Russell Stokes participated in the event to discuss details of the future investment for the Energy Valley Project. Some 70 representatives from the Natio

Companies May 25, 2017

The Korea Herald is publishing a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the eighth installment -- Ed.In a major turn from the past government’s recommendation of using diesel-powered vehicles that were initially touted to be eco-friendly since around 2008, Korea has been moving to slash the number of them as a way to tackle fine dust. And the new Moon Jae-in administration appears determined to take the initiative.P

Industry May 25, 2017