Articles by Shin Ji-hye
Shin Ji-hye
shinjh@heraldcorp.com-
Samsung Heavy wins $190m order for LNG ship
Samsung Heavy Industries has received a $190 million order to build one liquefied natural gas-carrying ship, according to its regulatory filing Friday. Under the deal, the Korean shipbuilder is slated to deliver the LNG ship by March 2022 to an Oceania-based ship owner. The name of the company was not disclosed due to confidentiality reasons. (Samsung Heavy Industries)So far this year, Samsung Heavy has won orders to build eight LNG ships and one floating production storage and offloading vessel
Industry May 3, 2019
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Ministry postpones ESS fire probe report, industry suffers setback
The South Korean government has delayed releasing the results of its monthslong probe into successive fires at energy storage system facilities, further extending the suspension of ESS operations by battery makers already suffering from plunging sales in the first quarter. “We will announce the investigation results on the fires at energy storage system facilities as well as plans to strengthen ESS safety and foster the industry ecosystem next month,” said Park Jung-wook, chief of the Ministry o
Industry May 2, 2019
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South Korea to double down on non-memory chips
South Korea, the world’s top memory chip provider, aims to rise to an unrivaled position in both memory and non-memory semiconductor industry by 2030, President Moon Jae-in said Tuesday as he visited a Samsung facility, unveiling a set of policy measures worth over 1 trillion won ($860 million) to support industry players. The president made the announcement titled “System Semiconductor Vision and Strategy,” as Samsung Electronics Vice Chairman Lee Jae-yong looked on along with some 280 particip
Industry April 30, 2019
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LG Chem sues SK Innovation in US to protect trade secrets
LG Chem has filed complaints against SK Innovation with the US International Trade Commission and the District Court of Delaware, alleging its rival violated rules on trade secrets. LG Chem said Tuesday it has requested the commission to completely ban imports of SK Innovation’s cells, packs and samples of its secondary batteries while seeking compensation from its rival at the district court of Delaware, where SK Innovation’s US battery arm is located. (LG Chem)LG Chem has alleged that it found
Industry April 30, 2019
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Sinopec-SK Petrochemical acquires Chinese oil refinery
Sinopec-SK Petrochemical, a joint venture firm of South Korea’s energy and chemical company SK Innovation and Chinese oil and gas enterprise Sinopec, has acquired an oil refinery based in Wuhan city in China, according to the firm on Monday. Factories of Sinopec-SK Petrochemical (SK Innovation)SK Global Chemical, an affiliate of SK Innovation, held a board meeting and decided to acquire Chinese oil refinery Wuhan Refinery. The company will invest 1.1 billion yuan ($160 million) in cash for the a
Industry April 29, 2019
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Korea’s largest cruise terminal opens in Incheon
South Korea’s largest cruise terminal opened Friday in Songdo, an international business district within Incheon, west of Seoul, port authorities said Sunday. Since 2013, the Incheon Port Authority had spent 28 billion won ($24 million) to build the two-story terminal with 7,364 square meters of floor space. Passengers can be seen in the new cruise terminal in Incheon on Friday. (Incheon Port Authority)“With the opening of the terminal exclusive for cruises, the port of Incheon has taken a leap
Industry April 28, 2019
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Kogas to invest W4.7tr in hydrogen industry by 2030
Korea Gas Corp. is to set aside 4.7 trillion won ($4.06 billion) to build hydrogen infrastructure and develop related technologies by 2030 as part of the nation’s push toward next-generation energy, according to the state-run natural gas company on Sunday. Kogas’ hydrogen plan comes as a follow-up to the Moon Jae-in administration’s hydrogen road map unveiled in January, which aimed to produce 6.2 million hydrogen-powered cars and distribute 15-gigawatt fuel cells for power generation by 2040. K
Industry April 28, 2019
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SK Innovation returns to profit in Q1 driven by chemicals
South Korean oil refiner SK Innovation returned to profit in the first quarter of this year, driven by its chemical business and non-oil refining areas, such as batteries and materials. SK Innovation posted 12.4 trillion won ($10.6 billion) in sales and 331.1 billion won in operating profit in the January-March period, according to its regulatory filing Thursday. Sales dropped 11.1 percent on-year but rose 1.9 percent from the previous quarter. Operating profit dropped 53.5 percent on-year but
Industry April 25, 2019
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Kepco CEO pledges to accept civil liability for wildfire damage
Korea Electric Power Corporation CEO Kim Jong-kap on Wednesday apologized to residents of Gangwon Province who lost their homes in the recent wildfires and said the firm would accept civil liability for the damage. “We truly apologize to the victims as the fire started from facilities managed by Kepco,” Kim told local residents at a town office in Goseong, Gangwon Province. CEO Kim Jong-kap bows to local residents in a show of remorse for the recent wildfires that destroyed many of their homes.
Industry April 24, 2019
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Iran sanctions alarm Korean petrochemical sector
As the US is set to end sanction exemptions for countries buying oil from Iran, South Korean petrochemical companies are anticipated to struggle in having to reduce their Iranian oil supplies. From May 2, eight nations, including Korea, Japan, China and India, will be banned from buying oil from Iran as the US government’s 180-day waiver ends. Iran is the fifth-largest exporter of crude oil to Korea, following Saudi Arabia, Kuwait, the US and Iraq. Imports of crude oil from Iran to Korea account
Industry April 23, 2019
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Biodegradable plastic? Hanwha Chemical teams up with Yonsei to develop eco-friendly tech
Hanwha Chemical has established a research center together with Yonsei University to develop innovative eco-friendly technologies, the chemical firm said Monday. The research center, which will run for five years, will focus on five projects involving eco-friendly technologies as part of the firm’s efforts to adapt to climate change. Hanwha chemical websiteOne of the projects will involve using electrolysis to split water molecules to produce hydrogen, a promising alternative to the use of crude
Industry April 22, 2019
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[Going Renewable (4)] Greenpeace calls on Hyundai Motor to hasten shift to carbon-neutrality
The Korea Herald is publishing a series of articles on the quest of South Korea’s government and businesses to switch to renewable energy. -- Ed.South Korea’s largest automaker Hyundai Motor should speed up its efforts in changing its business portfolio toward carbon-neutral in order to avert a major blow in the global market within a year or two, according to Greenpeace deputy director Jude Lee.Globally, countries are setting stricter climate targets in response to growing environmental concern
Industry April 21, 2019
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Korea raises renewable energy target to 30-35 percent by 2040
South Korea plans to increase the proportion of energy generated from renewable sources to as much as 35 percent of the total by 2040 in response to growing environmental concerns, the government said Friday. The Ministry of Trade, Industry and Energy announced key points in the nation’s third energy master plan, to be implemented from 2019 to 2040. An energy master plan is the nation’s top-level power plan, established every five years to set forth a vision for its energy policies and strategie
Industry April 19, 2019
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How big firms placate local resident protests
INCHEON -- Cherry blossoms were in full bloom and songs to usher in spring resonated along a tree-lined pathway on the grounds of SK Incheon Petrochem, in stark contrast to the industrious gray structures in the background. Couples pushing strollers and bigger family clusters strolled leisurely, snapping pictures and gazing at trees, enjoying the six-day flower festival at the firm’s headquarters last week. Behind that peaceful scene were the company’s desperate efforts to get along with its nei
Industry April 17, 2019
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[Herald Interview] ‘Moon will do more for foreign investors’
Foreign firms in South Korea have often complained of being kept out of the loop when it comes to policy, including under the Moon administration, but recently the government has been moving to bridge the gap.A prime example was on March 28, when President Moon Jae-in held a meeting with leaders of foreign investors and related organizations at Cheong Wa Dae for the first time. Sixty-five representatives of foreign companies and organizations, including the chambers of commerce of US and Europea
Industry April 16, 2019
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