On Sept. 20, President Yoon Suk-yeol proposed the formation of a “Carbon Free Alliance” to the international community during the United Nations General Assembly held in New York. This proposal includes bringing forward Carbon-Free Energy (CFE), which encompasses nuclear power and hydrogen energy, a
SK ecoplant continues to make significant strides in the global energy market as it has joined Korea's first utility-scale offshore wind power project.On September 24, SK ecoplant announced its successful bid for the “offshore wind power transportation and installation project (Foundations T&I Packa
Park Hyatt Seoul is pleased to introduce a luxury suite offer, ensuring guests experience even greater benefits during their extended stay. For stays of 3 nights or more, guests can enjoy up to a 25% discount on Park Suites. This offer also includes a 10% discount at hotel restaurants (Cornerstone,
Hanwha Ocean has revealed its intention to secure global defense solutions with an ultra-wide gap through large-scale investment.Hanwha Ocean opened its Siheung R&D Center located in Siheung, Gyeonggi Province, Korea to media outlets on Sept. 18, according to related industry sources. This marked th
ACE Engineering (CEO Danny You), an ESS turnkey solutions provider, participated in RE+ 2023 (Renewable Energy Plus 2023), North America's largest clean energy event, and announced that it successfully held the celebration event for ‘Big Rock 1’ project launching.RE+ 2023 was held from September 11t
Hyundai Glovis announced on Sept. 13 that it will participate in the “BreakBulk Americas (BBA) 2023,” which will be held from Sept. 26 to 28 at the George R. Brown Convention Center in Houston, Texas, in the U.S.BreakBulk cargo refers to large, heavy freight including industrial and power generation
Hyosung Advanced Materials has decided to establish a new subsidiary, Hyosung Vina Core Materials Co., Ltd., in Ba Ria-Vung Tau Province, southern Vietnam, to expand carbon fiber production.To enhance the global competitiveness of carbon fiber, Hyosung Advanced Materials plans to expand its producti
As global demand for offshore wind power continues to grow, the associated submarine cable market is also rapidly expanding.According to industry sources on Sept. 8, the Taiwanese government has begun the selection process for development companies related to offshore wind power projects for 2028-20
Equinor, a Norwegian broad energy company, announced the signing of a Memorandum of Understanding (MoU) with POSCO International on September 7. Under the MoU, the companies will explore a broad energy transition collaboration across offshore wind, hydrogen value chains, steel and LNG supply.The agr
While Korea Electric Power Corporation (KEPCO) annually purchases electricity generated through renewable energy, it was revealed on Sept. 7 that the mandatory supply ratio will significantly increase from 13% this year to 17% by 2027.According to data released by People Power Party’s Yang Geum-hee’
Kia’s flagship model, the EV9, is struggling in the domestic market just three months after its launch.According to industry sources on Sept. 7, Kia announced on Sept. 1 that during the recent period it sold 408 units of the EV9 in the domestic market, a decline of over 67% compared to July. In its
Concerns are rising that Hanwha Group’s credit rating could be negatively affected as it plans for significant capital-raising activities, including a paid-in capital increase, following the acquisition of Hanwha Ocean. It’s noted that the financial burden on the group has increased by injecting nea
The achievement pace of order targets for South Korea’s “Big 3” shipbuilders has shown a slowdown compared to previous years. This development is attributed to a decrease in orders compared to last year and the impact of selective orders due to limited dockyard capacity.According to shipbuilding ind
The “Nujio’qonik” project, in which SK ecoplant plays a vital role, has achieved a significant milestone in its total three phases, valued at 15 Billion USD project. The project has successfully secured sites for wind power generation required for its three phases, building upon the ongoing activiti
Demand for carbon fiber, which has come into the spotlight as a future material for the hydrogen era, is on the uptick. It is 10 times stronger than iron and also lighter, making it suitable for high-pressure hydrogen storage. It is expected to become a key material in the renewable energy and aeros
Global glass manufacturing company Corning, which has an annual revenue of 20 trillion won (US$15.09 billion), is expanding its thin glass production hub in South Korea. Thin glass is gaining attention in the mobile industry as an essential component for foldable phones. This move is seen as a choic
HYUNDAI STEEL announced on Aug. 30 that its Ulsan Plant 2 recently obtained a renewable energy offshore wind farm certification from Det Norske Veritas (DNV), a Norwegian classification society. This certification ensures Hyundai Steel meets basic criteria for both domestic and international offshor
POSCO E&C announced on Aug. 24 that it signed an agreement with Equinor, a leading global company in the offshore wind power sector, on Aug. 23 to drive the “Ulsan Bandibuli (firefly)” project, the world’s largest floating offshore wind power venture.Through this agreement, POSCO E&C plans to establ
The Korea Trade Insurance Corporation (K-SURE) announced on Aug. 24 that it will provide financial support of US$110 million (approximately 150 billion won) for the construction of a wind tower factory in Vietnam, an initiative led by wind power equipment manufacturer CS Wind.The project entails the
Refining margins, a key indicator of profitability in the oil refinery industry, have risen steeply recently, expanding expectations for improved business performances in the second half of the year.Singapore’s composite refining margin stood at US$14.13 a barrel as of Dec. 18, the highest in about