SEOUL, Oct. 3 (Korea Bizwire) – Finance Minister Choo Kyung-ho said Tuesday the government will come up with a set of measures to boost the competitiveness of South Korea’s rechargeable battery industry and small and medium-sized enterprises (SMEs) later this year. Along with the plan, the government will expand its investment into the research and [...]
SEOUL, Oct. 3 (Korea Bizwire) – Gas stations are undergoing a transformation, evolving from spaces where vehicles are refueled with gas to multifunctional spaces with a variety of features. The profitability of gas stations has been on a downward trend due to the widespread adoption of electric vehicles (EVs), prompting gas station operators to seek ways [...]
SEOUL, Sept. 29 (Korea Bizwire) – Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is [...]
SEOUL, Sept. 28 (Korea Bizwire) – South Korea has been elected to the board of governors of the International Atomic Energy Agency (IAEA) to serve for the 2023-2025 period, Seoul’s foreign ministry said Thursday. South Korea has been named as the board member representing the Far East group during the 67th general conference held at [...]
SEOUL, Sept. 27 (Korea Bizwire) – Samsung SDI Co. will spend US$1.97 billion on its second battery manufacturing facility it is building in the United States jointly with Stellantis N.V., the South Korean battery maker said in a filing Wednesday. The disclosure came about two months after their U.S. venture, StarPlus Energy, announced a plan [...]
SEOUL, Sept. 26 (Korea Bizwire) — SK Ecoplant Co., a South Korean builder, said Tuesday it joined hands with a U.S. waste recycling company to form a joint venture and build a battery recycling pretreatment plant in the U.S. state of Kentucky. The factory will be established in Hopkinsville, in partnership with Ascend Elements and [...]
SEOUL, Sept. 24 (Korea Bizwire) – South Korean companies have asked the United States to clarify from which foreign companies they are not required to import critical electric vehicle (EV) battery minerals under the U.S. Inflation Reduction Act (IRA), industry sources said Sunday. Senior executives of South Korean battery and material companies made the request [...]
SEOUL, Sept. 24 (Korea Bizwire) –LG Chem Ltd., South Korea’s leading chemical company, said Sunday it has partnered with China’s Huayou Group to build four electric vehicle (EV) battery material plants in Morocco and Indonesia amid an acceleration in electrification. On Friday, LG Chem signed four separate initial pacts with Huayou Group to build [...]
POHANG, Sept. 23 (Korea Bizwire) –The city of Pohang in North Gyeongsang Province is fast-tracking the development of hydrogen refueling stations, which are pivotal to the deployment of hydrogen-powered vehicles. At present, Pohang boasts 36 registered hydrogen passenger cars, but due to the absence of charging stations, these vehicles must be charged in other areas [...]
SEOUL, Sept. 21 (Korea Bizwire) —SK Chemicals is contemplating the potential sale of its pharmaceutical business to Glenwood Private Equity (PE), a private equity fund manager. In response to a disclosure request from the Korea Exchange regarding Glenwood PE’s proposed acquisition of SK Chemicals’ pharmaceutical business unit, SK Chemicals stated, “We are in the process [...]