The South Korean government and oil refineries held an unscheduled meeting Monday in response to the setback of Saudi Arabian oil facilities being hit by drone strikes, agreeing that there will be no supply issues for the time being and pledging to closely watch developments.The Ministry of Trade, Industry and Energy convened the emergency meeting with local oil refiners -- S-Oil, Hyundai Oilbank, GS Caltex and SK Innovation -- to inspect supply issues, after President Moon Jae-in ordered the go

Industry Sept. 16, 2019

South Korea is set to exclude Japan from its export control whitelist this week in response to Tokyo’s earlier decision to remove Seoul as a preferred trading partner and impose tighter controls on exports of high-tech materials that Korean tech firms need, officials said Sunday. Since the Aug. 12 announcement by Industry Minister Sung Yun-mo that Korea would drop Japan as a preferred trading partner, the ministry has completed the necessary administrative steps, such as soliciting opinion

Industry Sept. 15, 2019

South Korean business associations have formed a consultative group to support local companies seeking to secure original technologies related to parts, materials and equipment through acquisitions and investments, according to a business representative on Tuesday. The consultative group will work together to back Korean companies that seek to acquire foreign companies or invest in overseas facilities in order to improve competitiveness. This is in line with the government’s efforts to dou

Industry Sept. 10, 2019

World Energy Council Chairman Younghoon David Kim highlighted that innovative technologies are key to fostering the future development of the energy industry and resolving current crises like climate change during the 24th World Energy Congress that kicked off Monday. Hosted by the World Energy Council, the four-day event is being held in Abu Dhabi, the United Arab Emirates, under the theme of “Energy for Prosperity.” It is being attended by about 15,000 people from the energy sector

Industry Sept. 9, 2019

SK Energy, an oil refining unit of SK Innovation, is set to become the first Korean manufacturer to issue green bonds in an effort to strengthen eco-friendly businesses, the company said Monday. A green bond is specifically earmarked to be used for climate and environmental projects.The company said it will issue green bonds worth 300 billion won ($251 million) on Sept. 26 and may increase the amount to 500 billion won later. The conditions of issuance will be determined after conducting demand

Industry Sept. 9, 2019

Denmark’s state-run energy company Orsted sees high potential in the Korean offshore wind power market, intending to build long-term, sustainable relationships with the Korean government and companies. “Korea has a high potential in the offshore wind power market, given that the nation is a peninsular, possesses numerous sites with superb wind and the government’s strong willingness to achieve its energy shift goal,” Matthias Bausenwein, Orsted’s head of Asia-Pacifi

Industry Sept. 8, 2019

South Korean aerospace and defense company Korea Aerospace Industries appointed Ahn Hyun-ho, a former vice industry minister, as its new chief executive at its board meeting Thursday. The new CEO replaces former leader Kim Jo-won, who is now serving as a senior presidential secretary to President Moon Jae-in. Ahn was to begin his three-year term immediately Thursday. “We will establish a foothold for KAI to leap forward by seeking new business portfolios,” said Ahn Hyun-ho durin

Industry Sept. 5, 2019

South Korea’s Daewoong Pharmaceutical said Thursday it is close to settling a legal dispute with its local rival Medytox, which accused it of stealing trade secrets through a former researcher. Daewoong’s Nabota, sold as Jeuveau overseas, is a neurotoxin drug to treat forehead wrinkles. The drug, approved by the US Food and Drug Administration in January, was to be commercialized by California-based firm Evolus in the second quarter of this year. In January, however, Medytox app

Industry Sept. 5, 2019

LG Chem said Wednesday it has partnered with US materials producer Universal Display to improve the performance of key materials of organic light-emitting diodes. The two companies signed a partnership agreement to develop the next-generation OLED emitting layer. It is comprised of a “host” that helps to emit light and “dopant” that emits a specific color.  Through the partnership, both firms aim to find the best combination with LG Chem’s low-voltage, long-liv

Industry Sept. 4, 2019

The World Energy Council, chaired by Daesung Group Chairman Younghoon David Kim, will host the 24th World Energy Congress from Monday to Thursday in Abu Dhabi, the United Arab Emirates, under the theme of “Energy for Prosperity.” About 15,000 people from the energy sector representing over 150 countries are expected to attend the event. They include representatives of global energy companies and international organizations, academics, heads of government and top energy department off

Industry Sept. 4, 2019

Hyundai Steel has succeeded in commercializing eco-friendly road paving using an electric furnace slag, the company announced Monday. The firm said it signed a technology-use agreement of slag asphalt concrete with local firm SG on the same day. The deal is to grant an exclusive license of Hyundai Steel’s patent to SG and the two firms will seek to expand slag asphalt concrete in the future. In 2016, Hyundai Steel acquired a patent by developing asphalt concrete made by recycling elec

Industry Sept. 2, 2019

South Korea is set to complete the ratification of a free trade deal with the UK at the National Assembly before the Brexit deadline of Oct. 31, officials said Monday. Since Britain voted to leave the European Union in June 2016, the Korean government has pushed for a bilateral deal with the UK to prevent the rupture of trade relations and ensure continuity.  On Aug. 22, the two nations signed a trade agreement that would allow businesses to keep trading freely after Brexit, marking the fir

Economy Sept. 2, 2019

The Korean-German Chamber of Commerce and Industry held its Half-Year Economic Outlook 2019 in Seoul in cooperation with the Incheon Free Economic Zone, the chamber of commerce said. The first part of the event, held to look at trends affecting trade between the two countries, was led by two distinguished speakers. Peter Winkler, deputy head of mission and the head of the economic department at the German Embassy, highlighted the transitions affecting the two countries’ energy sectors as w

Industry Sept. 1, 2019

South Korea is on track toward excluding Japan from its export control whitelist this month, in a tit-for-tat response to Tokyo’s earlier decision to remove Seoul from its list of preferred trading partners.According to the Industry Ministry on Sunday, the government is set to complete its public opinion-gathering process Tuesday, a necessary step before it can make a public announcement and implement the change to the nation’s export control system.On Aug. 12, the Industry Ministry

Industry Sept. 1, 2019

Indonesian residents filed a petition for a preliminary injunction to stop construction of coal-fired power plants, which are financed by Korean financial organizations and built and operated by Korean firms, according to Korean environmental civic group Solutions for Our Climate on Thursday. This is the first case where residents outside Korea brought a legal action in the Korean court over a coal-fired power plant site.On Thursday, the Indonesian plaintiffs -- three residents of Java Island --

Industry Aug. 29, 2019