Economy

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  Energy regulations revised to boost stockpile of imported natural gas SEOUL -- As one of the world’s largest buyers of natural gas, South Korea will boost the obligatory stockpile of liquefied natural gas from seven days to nine days. The purpose is to get prepared well for unexpected supply shortages to be caused by a rapid increase in demand and disruptions in imports. The Ministry of Trade, Industry and Energy said that energy-related regulations and law would be revised by October to allow South Korea's state gas company to reserve nine 2021-06-03
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  ​SK Holdings makes strategic investment in American clean hydrogen company SEOUL -- The holding company of South Korea's third-largest conglomerate, SK Group, has made a strategic investment in an American turquoise hydrogen company to beef up clean energy capabilities. The group has launched a task force involving group units to establish a hydrogen value chain. Through its investment in Monolith Materials, the first U.S. company to produce turquoise hydrogen on a commercial scale, SK Holdings said it can diversify its hydrogen portfolio. The compan 2021-06-03
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  Doosan Heavy joins demonstration of mixed hydrogen combustion turbine SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's power industry, will join a project to demonstrate mixed hydrogen combustion technologies that burn natural gas together with hydrogen. The project in the southeastern industrial city of Ulsan is part of a government campaign to secure original gas turbine technologies. Ulsan City will provide administrative support. SK Gas is in charge of hydrogen supply. Korea East-West Power, a power supplier a 2021-06-03
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  Seoul builds more rapid EV chargers to meet growing demands SEOUL -- In preparation for the wider introduction of electric vehicles, Seoul will acquire land to accommodate thousands of rapid chargers by the end of 2022. The move is to solve the lack of Seoul's charging infrastructure that has triggered complaints among many electric vehicle drivers. Seoul has about 25,600 electric vehicles on the road as of April 2021 but there are only 8,400 chargers. Due to the lack of public charging stations, drivers often have to use verified home p 2021-06-03
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  State landfill company demonstrates recycling tech to convert plastic to fuel SEOUL -- A state landfill management company has started the demonstration of a recycling technique that converts plastic waste including vinyl to fuel. The recycled fuel will be used to make electricity or for other public purposes. The company will expand the range of plastic types used in the demonstration When plastics are treated with extreme heat and pressure, they are broken down to be converted into oil. The oil is then processed into medium crude and light oils. Recycled oi 2021-06-02
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  Taekwang Industrial sets up acrylonitrile joint venture with LG Chem SEOUL -- Taekwang Industrial, the manufacture of petrochemical products in South Korea, will set up an acrylonitrile joint venture plant with LG Chem to cope with growing demand in the global market. Commercial production of the plant with an annual production capacity of 260,000 tons is to begin in 2024. Acrylonitrile is an important monomer for the manufacture of useful plastics and important copolymers, such as acrylonitrile butadiene styrene (ABS) or synthetic rubbers. ABS is 2021-06-02
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  LG Electronics joins government project to reduce use of plastics in home appliances SEOUL -- LG Electronics, a major home appliance maker in South Korea, joined a government project to reduce the use of plastics in the production of home appliances. The electronics giant will promote the use of recycled plastics in TVs and soundbars, an external set of hi-fi speakers. Various types of polymers and plastics are used in the production of home appliances because such materials are cheap and durable. Home appliance makers prefer plastics because they can be molded in 2021-06-01
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  CJ's cosmetics retail wing starts Japanese service through online shopping mall SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has launched the Japanese version of its global online shopping mall to attract young Japanese female consumers who feel comfortable with using an online store. South Korean cosmetics, also known as K-beauty products, are steadily gaining popularity in Japan, the world’s third-largest beauty market, thanks to K-pop and drama fandoms. According to data released by the trade ministr 2021-06-01
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  POSCO forms consortium to develop industrial gases with low global warming potential SEOUL -- POSCO formed a consortium involving research bodies to cooperate in the development of etching gas and refrigerant gas with low global warming potential as part of efforts to reduce South Korea's heavy dependence on imported industrial gases and cope with enhanced environmental regulations worldwide. Global warming potential (GWP) is the heat absorbed by any greenhouse gas in the atmosphere and provides a common scale for measuring the climate effects of different gas 2021-06-01
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  STX Engine chosen to localize German diesel engine of K-9 self-propelled howitzer SEOUL -- STX Engine, a diesel engine manufacturer in South Korea, has been chosen to localize the German diesel engine of K-9 self-propelled howitzers produced by Hanwha Defense. The localization scheme has been pushed as part of a broad state project to acquire original technologies for key imported parts. STX Engine said that the localization of K9's engine designed by MTU Friedrichshafen is aimed at meeting harsh operational requirements and technical specifications required 2021-05-31
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  Toyota's trading arm partners with S. Korean copper foil maker to set up joint venture in North America SEOUL -- Solus Advanced Materials, an electronic component manufacturer in South Korea, joined hands with the trading arm of Japan's Toyota Group to set up a joint venture for the production and marketing of copper foils, a key component for electric vehicle batteries, that target North American markets. Solus said it has signed a memorandum of understanding with Toyota Tsusho to establish a joint venture capable of producing 30,000 tons of copper foils per year probably in 20 2021-05-31
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  COVID-19 pandemic expands introduction of Woowa's food serving robot SEOUL -- Woowa Brothers, the operator of South Korea's top food delivery service, took a step closer to popularizing serving robots that deliver food to the table of customers at restaurants by securing a new deal with a domestic food chain to provide about 100 robots. Woowa's serving robot called "Dilly Plate" can take evasive action when it approaches a customer or obstacles. Shinhwa Food Group (SFG), which operates 20 Korean food brands at 110 direct outlets, 2021-05-31
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  Amore Pacific forges partnership with Lotte Shopping to expand online and offline sales channels SEOUL -- Amore Pacific, a top cosmetics maker in South Korea joined hands with the retail service wing of South Korea's Lotte Group to expand online and offline sales channels. They would hold massive promotions and release exclusive products. Lotte Shopping said in a statement on May 28 that its ecommerce and department store divisions forged a partnership with Amore. The three parties would share sales data to develop new marketing strategies and increase profit, with Amore ho 2021-05-28
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  Halthcare company EDGC introduces liquid biopsy technique for early diagnosis of cancer SEOUL -- A South Korea-based healthcare company engaged in genetic analysis has introduced a liquid biopsy brand using techniques that can be used for the early detection of cancer and help doctors pick the right target drugs. A liquid biopsy is the sampling and analysis technique for non-solid biological tissue such as blood. The technique is mainly used as a diagnostic and monitoring tool for diseases such as cancer. Because the liquid biopsy is almost non-invasive, it can be 2021-05-28
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  State gas company ties up with GS Caltex to build liquid hydrogen plant SEOUL -- South Korea's state gas company tied up with a refiner to build a liquid hydrogen plant with an annual production capacity of 10,000 tons by using waste cold energy generated from the regasification of liquefied natural gas (LNG). The plant would be completed at the idle site of an LNG base in December 2024. Imported LNG must be regasified at receiving terminals while waste cold energy is released by vaporizers. Waste cold energy from regasification can be captured an 2021-05-28
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  Scandal-stricken dairy food company Namyang sold to private equity fund SEOUL -- Hahn & Co., a private equity investment firm in South Korea, will acquire a controlling 53 percent stake in Namyang Dairy Products, a troubled dairy food company that has been in crisis due to fatal management blunders and a crippling consumer boycott. A police investigation is under way for deceiving consumers with "hyped" publicity about the anti-virus effect of a fermented milk brand. Hahn & Co. vowed to reshape Namyang through strengthened transparen 2021-05-28
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  Researchers commercialize dissolvable microneedle patch SEOUL -- South Korea's government-funded research institute has succeeded in the commercialization of a dissolvable microneedle patch, three years after the painless drug injection tool received state approval for commercial production. The microneedle patch developed by "ADMBioscience," a company established by the Korea Institute of Machinery and Materials (KIMM), uses double-stranded salmon sperm DNA (SDNA) as a drug delivery vehicle. Nano-sized needles punch small 2021-05-27
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  Hanwha Solutions partners with Hyundai Glovis to supply hydrogen fuel for vehicles SEOUL -- South Korea's clean energy provider Hanwha Solutions has forged a partnership with the Hyundai auto group's logistics wing to supply hydrogen fuel for charging stations in expressway service areas. The partnership will boost the popularization of hydrogen fuel cell vehicles that are shunned by consumers due to the lack of charging stations. There are more than 11,000 hydrogen fuel cell vehicles (FCEVs) in service and some 60 hydrogen charging stations across South 2021-05-27
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  Hanwha Systems partners with British company to develop technologies for air taxi infrastructure SEOUL -- Skyports, a British company involved in the construction of infrastrucure for urban air mobility, tied up with Hanwha Systems to develop technologies for air taxi infrastructure. They would jointly research "seamless" technology for quick and convenient boarding and getting off at vertiports. Under a memorandum of understanding with Skyports, Hanwha Systems said it would provide control technology necessary for the safe operation of vertiports, which are critica 2021-05-27
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  Orsted selects POSCO as partner for wind farm and green hydrogen projects SEOUL -- Orsted, a Danish power company involved in major offshore wind power projects in the world, selected POSCO as a crucial business partner for green hydrogen and offshore wind power businesses. The Danish company has promised to shape a competitive supply chain with local companies for a major offshore wind power complex to be built off South Korea's west coast. POSCO, a leading steel group in South Korea said that it signed a memorandum of understanding with Orsted for 2021-05-27