Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Hyosung to partner with Aramco for carbon fibers
South Korean industrial conglomerate Hyosung said Thursday it will partner with Saudi Aramco in the area of carbon fibers. Under a memorandum of understanding, signed by Hyosung Group Chairman Cho Hyun-joon and Saudi Aramco CEO Amin H. Nasser on Tuesday, the two sides agreed to consider building a carbon fiber plant in Saudi Arabia or Korea. They also agreed to cooperate on technology development of carbon fiber production. Carbon fibers are fibers that weigh one-fourth less than steel but
Industry June 27, 2019
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Glimpse into S-Oil’s RUC/ODC project
S-Oil is slated to hold an inauguration ceremony Wednesday to celebrate the successful completion and beginning of operations of its residue upgrading complex and olefin downstream complex, or RUC and ODC, built at a cost of 5 trillion won ($4.3 billion). The RUC/ODC project, which began operations in November last year, relies on low-value residue oil as feedstock to produce high-value petrochemical products. “We believe increased production capacity of high-value products through th
Industry June 26, 2019
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S-Oil broadens horizons with preeminent chemicals projects
South Korea’s leading oil refiner S-Oil is getting closer to its “Vision 2025,” in which it aspires to become the most competitive and admired energy and chemical company in the Asia-Pacific region. It is swiftly responding to rapid changes in the business environment brought on by the shale boom and emergence of electric vehicles. S-Oil, founded in 1976, has delivered phenomenal growth since Saudi Aramco’s investment in 1991 as the largest shareholder. Its crude refining
Industry June 26, 2019
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Korean consortium wins UAE nuclear reactor maintenance bid
A South Korean consortium led by state-run Korea Hydro & Nuclear Power has secured a five-year maintenance deal for the United Arab Emirates’ first nuclear power station, ending a long bidding process that began late last year. The Barakah Nuclear Power Plant is being built by a consortium which includes the Korea Electric Power Corp., KHNP, Doosan Heavy Industries & Construction, Hyundai Engineering & Construction and Samsung C&T Corp.Initially, it was expected that the co
Industry June 24, 2019
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Moon’s new policy aide vows to promote fair economy, income-driven policy
President Moon Jae-in’s new secretary for policy, who earned the nickname “chaebol sniper” for his decadelong shareholder activism, vowed to keep his stance of promoting income-led growth, innovation and a fair economy. At a farewell meeting as chief of Fair Trade Commission, Kim Sang-jo told reporters he is open to dialogue with conglomerate chiefs while drawing a clear line saying that incumbent Finance Minister Hong Nam-ki will keep his role as control tower on economic poli
Industry June 23, 2019
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Daesung hosts microbes forum to promote bio-economy
South Korean energy conglomerate Daesung Group hosted its third annual forum on microbes Thursday in Seoul, with the theme “Lab to Industry for Bioeconomy.” Attended by around 150 participants, the 2019 Daesung Haegang Microbes Forum offered a venue for academia and the private sector to discuss the latest trends in clean energy and environment technologies using microorganisms, as well as to seek ways to bring them into the market. The highlight of the forum was the utilization and
Industry June 20, 2019
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South Korea to map out AI strategy this year, build 2,000 AI-based factories by 2030
South Korea announced its vision to create a “manufacturing renaissance” over a number of industries, viewing manufacturing as the nation’s economic foundation and a way of creating high-quality jobs and innovative growth. “The government has mapped out strategies for the nation to become an innovative manufacturing powerhouse over the next decade by being away from ‘quantitative and market follower strategies,’” a spokesperson for the Ministry of Trade,
Economy June 19, 2019
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Kepco selected as preferred bidder for 200 MW Guam power plant
State-run Korea Electric Power Corp. said Wednesday it has been selected as a preferred bidder for a Guam power plant by the Guam Power Authority. If the deal is sealed, Kepco will build and operate a 200-megawatt Guam power plant in Dededo, northern Guam. Hyundai Engineering will also join the project to build the power plant. The project will be carried out in the form of build-operate-transfer project financing. Kepco will be able to sell power produced in the region over the next 25 yea
Industry June 19, 2019
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KEA shares energy efficiency know-how with South Asian nations
State-run Korea Energy Agency has opened a knowledge-sharing program with the World Bank, inviting officials from South Asia to Seoul, the government agency said Tuesday. The KEA began the third WB-KEA energy efficiency knowledge-sharing program hosted by the World Bank, inviting officials from Sri Lanka and Bangladesh. The five-day training program aims to share Korea’s energy policies and experience. With the topic of energy efficiency system for buildings, Korea is sharing green bu
Industry June 18, 2019
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Korea’s nuclear reactor technologies allegedly leaked to UAE, US
The South Korean government is reportedly looking into allegations of leaks of key nuclear reactor technologies to other countries. According to multiple local news reports Tuesday, the Nuclear Safety and Security Commission and the National Intelligence Service are verifying the authenticity of a tipoff delivered to the NSSC through a nuclear safety ombudsman system. Based on the tipoff, one retiree from state-run nuclear operator Korea Hydro & Nuclear Power has allegedly leaked &ldquo
Industry June 18, 2019
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Forum to discuss future of forestry, challenges in APAC
South Korea is hosting events on forestry in the Asia-Pacific region this week for academia, governments and the private sector to discuss and share views on pressing challenges in the sector.The Asia-Pacific Forestry Week 2019 and the 28th Session of the Asia-Pacific Forestry Commission kicked off Monday at the Songdo Convensia Convention Center in Incheon. The five-day event is jointly organized by the Korea Forest Service and the Food and Agriculture Organization of the United Nations. I
Industry June 16, 2019
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Korea, Norway to cooperate on hydrogen, shipbuilding
South Korea and Norway have agreed to strengthen ties in hydrogen energy and shipbuilding areas with the summit between the two countries’ heads of state serving as an opportunity to pursue future partnerships. During President Moon Jae-in’s visit to Norway on Thursday, the two nations signed a memorandum of understanding to cooperate in hydrogen energy to make the most of Korea’s strength in hydrogen-powered vehicles and Norway’s in production and supply capabilities.Wit
Industry June 13, 2019
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S-Oil appoints Hussain Al-Qahtani new CEO
South Korean oil refiner S-Oil appointed Hussain A. Al-Qahtani as new CEO during its general shareholders meeting, the firm said Thursday. Before joining the firm, Al-Qahtani, 52, served as president and CEO of Saudi Aramco Shell Refinery Company from 2016. Throughout his 29-year career at Saudi Aramco, Al-Qahtani has assumed key roles in production, engineering and projects building expertise and leadership skills, according to the firm. The new Saudi Arabian CEO majored in chemical engine
Industry June 13, 2019
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SK Innovation to support social ventures through crowdfunding
South Korean oil and chemical company SK Innovation plans to support local social ventures through crowdfunding, the firm said Wednesday.A social venture is a firm that focuses more on addressing social problems and less on profit. Selected social ventures will be supported by SK Innovation employees through crowdfunding. Each employee can voluntarily invest up to 1 million won ($846) in the social ventures. For every 1 million won raised, SK will match the investment. Profits will later be
Industry June 12, 2019
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Panel blames electric shock, poor management system for ESS fires, not companies
Ending a five-month-long probe into energy storage systems that caught fire, the South Korean government blamed defects in devices, poor management and systems, without holding companies accountable for the fires.On Tuesday, a private-public joint committee, formed in January to look into the series of fires, announced the results of the probe, saying multiple factors played a role in the 23 fires that occurred over the past year. It highlighted four factors: a lack of battery protective systems
Industry June 11, 2019
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