Doosan Heavy Industries’ high dependence on nuclear and fossil fuel power has led to serious financial troubles, and it is time for the firm to undergo a forensic audit, as its financial results raise important fiduciary questions, according to a US-based energy economics institute on Monday. “The past five years have been dire for its shareholders and the stock prices of the firm have fallen 74...

South Korean industrial conglomerate Hyosung’s spandex plant in India went into commercial operation Friday, the firm said Monday. The plant, near Aurangabad Industrial City on a site that covers about 400,000 square meters, is capable of producing 18,000 tons of spandex per year. Hyosung, which entered India in 2007, generates more than $300 million in annual sales there. The company establish...

In response to the complaint filed by the South Korean government with the World Trade Organization on the subject of Japan’s export control measures, Tokyo has expressed its willingness to have bilateral consultations with Seoul, a day before the 10-working day deadline set by the WTO, officials said Friday. Japan’s response could be the first step in resolving the Korea-Japan trade dispute tri...

Pattaya on the eastern coast of the Gulf of Thailand may be better known for its nightlife and water sports. But the city also offers the Kaan show, a theatrical experience that combines live-action and cinema, stage performance and advanced technologies. Animal lovers may be disappointed to see live elephants being used for the show. However, the show’s production company Singha Corp. is consi...

South Korean steelmaker Posco said Thursday it has launched a startup committee to foster companies in the cities of Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, and to enhance communication among startups, regional governments and agencies. The committee, which comprises 197 startups, is supported by 17 regional governments and organizations, including the Research I...

South Korean steelmaker Posco is ready for commercial sales of super-alloy stainless steel for scrubbers necessary for vessels that should abide by new environmental rules by the International Maritime Organization, the company said Wednesday. This year, Posco succeeded in commercializing super-alloy stainless steel, labeled S31254, for vessel scrubbers, and it has been supplying the steel to cl...

South Korea has urged China to terminate its anti-dumping measures on Korean polycrystalline silicon for solar panels, claiming they do not pose any domestic threat, officials said Wednesday. A delegation led by Chung Hae-kwan, director general of Trade Ministry’s trade legal affairs, attended a hearing in Beijing together with officials of related Korean companies, including OCI and Hanwha Chem...

South Korea excluded Japan from its export controls whitelist Wednesday in retaliation for Tokyo’s earlier decision to remove Seoul from its list of favored trade partners, as bilateral relations have slumped to the lowest levels since normalizing diplomatic ties in 1965. “The Ministry of Trade, Industry and Energy has published the revision of the nation’s trade controls on strategic items in a...

Hanwha Total Petrochemical has completed the expansion of its ethylene production plant and has begun commercial operation with an aim of generating 590 billion won ($496 million) more in sales each year, the firm said Tuesday. The petrochemicals firm has injected a combined 540 billion won since April 2017 to complete the side gas cracker of the naphtha cracking center in South Chungcheong Prov...

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 Oilba...

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 pa...

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 faci...

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 “...

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...

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 i...