Offshore plants, the main cause of the shipbuilding industry’s prolonged recession, are making a comeback. Demand for offshore plants is changing from oil to eco-friendly energy such as offshore wind power and liquefied natural gas (LNG). It is expected to become a new growth driver for Korean shipb
Korea Aerospace Industries (KAI) and Hyundai Rotem announced on Oct. 19 that they have signed a memorandum of understanding (MOU) for future space sector cooperation at Seoul International Aerospace & Defense Exhibition (Seoul ADEX 2023) on Oct. 18.KAI has earmarked its space mobility venture as one
Korea Gas Corp. (KOGAS) lost nearly US$200 billion over four years due to defects in Korean-type tanks for liquefied natural gas (LNG) carriers it had developed with Korean shipbuilders. This is because Korean shipbuilders developed a tank for LNG carriers but a quality issue has prevented them from
On Sept. 18 (local time), a U.S. court has dismissed a lawsuit filed by U.S. nuclear power company Westinghouse to prevent Korea’s state-run nuclear power generator Korea Hydro & Nuclear Power (KHNP) from exporting its independently developed nuclear reactors.KHNP is a rival of Westinghouse. The Kor
President Yoon Suk-yeol has picked up the biotech industry as a future growth driver and is determined to support it. To this end, the government’s budget for biotech R&D for 2024 has been expanded by 12 percent. Starting from 2024, the government will launch large-scale R&D projects to develop vacc
On June 27, Korea Hydro & Nuclear Power (KHNP) signed a 260 billion won (US$197 million) contract with Romania’s SNN to build a tritium removal facility (TRF), marking the second instance of nuclear equipment export under the Yoon Suk-yeol administration. While the country’s nuclear power plant expo
Korea Hydro & Nuclear Power (KHNP) will seek to stabilize the supply chain of uranium, a key fuel for nuclear power plants (NPPs), with the United States. In particular, it will build a supply chain for high-assay low-enriched uranium (HALEU) which holds the key to the commercialization of small mod
Joby Aviation, an American air taxi company that ranks first in the global urban air mobility (UAM) industry, will fly its UAM aircraft over Korea to participate in the Korean UAM Demonstration Project, which is promoted by the Ministry of Land, Infrastructure and Transport.Joby Aviation received a
Korea Electric Power Corp. (KEPCO) announced on Feb. 2 that its president Cheong Seung-il visited the United Kingdom for two days from Jan. 31 to Feb. 1 to meet with high-ranking officials from the U.K. government, parliament and industrial world.Cheong attended the Nuclear Week in Parliament, spons
Doosan Enerbility has received the green light in participating in the spent nuclear fuel dry storage business in Korea.The company announced on Jan. 19 that it has received the U.S. Nuclear Regulatory Commission (NRC)’s design certification for the metal storage cask of spent nuclear fuel, which wa
Korea Electric Power Corp. (KEPCO) is discussing cooperation in nuclear power plant construction with Turkey.The two sides are promoting the construction of four Korean-type APR1400 nuclear power plants in the northern region of Turkey, KEPCO said on Nov. 14.The project cost is expected to exceed th
LIG Nex1 announced on Nov. 16 that it has signed a comprehensive contract with the Agency for Defense Development (ADD) for exploratory development of a long-range artillery projectile interceptor system.Under the supervision of the ADD, LIG Nex1 plans to carry out exploratory development of the sys
yundai Motor Group and KT have strengthened their alliance by exchanging 750 billion won worth of shares with each other. The move is intended to strengthen cooperation in the field of future mobility, such as 6G mobile communication autonomous driving technology and an advanced air mobility (AAM) c
Hyundai E&C is expanding the scope of its nuclear power plant business to all areas, including securing original nuclear technology.The company announced on June 14 that it has established a management system in all areas of the nuclear power business including small modular reactors (SMRs), nuclear
Daewoong Pharmaceutical announced on May 3 that it has signed an agreement with DCGen, a clinical genome analysis technology company, at the end of April to promote global business for a multigene test kit for breast cancer prognosis prediction based on next-generation sequencing (NGS).Under this ag
Korea Hydro & Nuclear Power (KHNP) has submitted a proposal for a nuclear power plant project to Poland. KHNP officials will meet with Adam Guibourgé-Czetwertyński, undersecretary of state at the Polish Ministry of Climate and Environment, on April 21 to submit a project proposal. The Polish ministr
Shinhan Bank has signed a financial agreement with VTK Hung Yen IP on the creation of a Korea-Vietnam economic cooperation industrial complex (Clean Industrial Complex) in Vietnam.The bank said in a press release on March 29 that it has formed a creditor group with BNK Busan Bank, and KDB Infrastruc
Samsung Heavy Industries (SHI) booked orders exceeding 3 trillion won in a week.The company announced on Oct. 25 that it has won orders for four LNG carriers worth 971.3 billion won from a shipping company in the Bermuda region. The price per LNG carrier is US$206 million, the highest since 2015.On
Hyundai Heavy Industries (HHI) has forged a strategic partnership with Korea Aerospace Industries (KAI) to complete the project of developing South Korea's first aircraft carrier.The two companies announced on Oct. 19 that they have signed a memorandum of understanding (MOU) for cooperation in d
Doosan Group will concentrate its capabilities on developing hydrogen fuel cells.The group announced on Sept. 30 that it has established Doosan H2 Innovation, a hydrogen fuel cell research and development (R&D) company. The group plans to maximize synergies among the group's affiliates engaged i