In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. A hedge fund dealt a major blow to Exxon Mobil, Wednesday, unseating at least two board members in a bid to force the company’s leadership to reckon with the risk […]
Doosan Heavy Industries & Construction, the nuclear plant arm of Doosan Group, was a part Korea’s first overseas nuclear plant project, Barakah Nuclear Energy Plant in the United Arab Emirates. Korea Times file By Yi Whan-woo Doosan Group is expected to benefit from the agreement reached between the leaders of Korea and the United States […]
Cheong Seung-il, newly appointed CEO of Korea Electric Power Corporation (KEPCO) / Courtesy of KEPCO By Anna J. Park Korea Electric Power Corporation (KEPCO) has appointed Cheong Seung-il, the former vice minister of trade, industry and energy, as its 21st president and CEO. He will officially take office on the first day of June for […]
Cheong Seung-il, newly appointed CEO of Korea Electric Power Corporation (KEPCO) / Courtesy of KEPCO By Anna J. Park Korea Electric Power Corporation (KEPCO) has appointed Cheong Seung-il, the former vice minister of trade, industry and energy, as its 21st president and CEO. He will officially take office on the first day of June for […]
Factories in South China’s manufacturing hub of Guangdong Province were told by power suppliers to cut electricity usage by curbing operations, as rising power consumption amid hot weather strains the region’s power system. Since mid-May, 17 cities like Guangzhou, Zhuhai and Dongguan have limited power usage. A local power supplier in Dongguan, home to thousands […]
LONDON/HONG KONG — HSBC shareholders overwhelmingly voted to phase out coal financing by 2040 and align the bank’s lending with Paris Agreement climate goals The resolution, supported by over 99% of indicative votes at an annual shareholders meeting Friday, was spearheaded by a coalition of investors managing $2.4 trillion in assets led by U.K.-based nonprofit […]
JAKARTA — Indonesian state utility Perusahaan Listrik Negara is aiming to phase out coal-fired power as the country brings forward its carbon neutrality ambitions to 2060. The expedited schedule comes on the heels of a decision earlier in the month to stop the construction of new coal-burning plants as well as government plans to introduce […]
MUMBAI — Adani Green Energy, which plans to buy SoftBank Group’s renewable energy assets in India, points to a new round of consolidation in the sector, which has drawn interest from private equity investors and top energy companies in recent years. In a May stock exchange filing, the renewable energy company led by billionaire Gautam […]
NEW YORK/LONDON/TOKYO — It took just a single day, but suddenly global oil majors face a very different outlook for the pressure they will come under to combat climate change. In a meeting that ran for three hours on Wednesday, Exxon Mobil CEO Darren Woods, sounding exhausted, eventually acknowledged the vote in favor of two […]
Doosan Heavy Industries & Construction, the nuclear plant arm of Doosan Group, was a part Korea’s first overseas nuclear plant project, Barakah Nuclear Energy Plant in the United Arab Emirates. Korea Times file By Yi Whan-woo Doosan Group is expected to benefit from the agreement reached between the leaders of Korea and the United States […]
In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. A hedge fund dealt a major blow to Exxon Mobil, Wednesday, unseating at least two board members in a bid to force the company’s leadership to reckon with the risk […]
TOKYO — Japanese engineering company IHI will enter the emerging field of small modular nuclear reactors — a cheaper and safer alternative to conventional reactors — with a stake in a project led by U.S. startup NuScale Power, Nikkei has learned. NuScale Power is constructing a 600 to 700-megawatt nuclear power plant composed of about […]
TOKYO — Japanese engineering company IHI will enter the emerging field of small modular nuclear reactors — a cheaper and safer alternative to conventional reactors — with a stake in a project led by U.S. startup NuScale Power, Nikkei has learned. NuScale Power is constructing a 600 to 700-megawatt nuclear power plant composed of about […]
Workers check on solar power panels installed at Hapcheon Dam in South Gyeongsang Province on May 24. Courtesy of K-water By Kim Jae-heun The Korea Water Resources Corporation (K-water) said it will lead the global trend to take action against climate change by adopting a “smart” system for its water management. The government has been […]
The LG headquarters in Seoul. Yonhap By Kim Hyun-bin LG Chem’s stock price took a nose dive, Wednesday, after two problems emerged. First was LG Energy Solution (LGES) announcing a voluntary recall Tuesday of its lithium-ion batteries used in energy storage systems (ESS) due to potential fire risks. The recall is set to cost the […]
Hyundai Steel’s hydrogen plant in Dangjin, South Chungcheong Province / Courtesy of Hyundai Steel By Kim Hyun-bin Hyundai Steel has been investing heavily in the production of fuel cells and in developing uses of hydrogen, a byproduct of its steel manufacturing, to become a key player in new markets for the gas. The company is […]
SK ecoplant CEO Ahn Jae-hyun announced the company’s name change from SK E&C to SK ecoplant via a video disseminated to employees on Monday. Courtesy of SK ecoplant By Kim Jae-heun SK Group’s construction firm, formerly known as SK E&C, has changed its name to “SK ecoplant” and revealed its new goal to become Asia’s […]
TOKYO — Analysts are predicting “Dr. Copper” will go on a sustained rally as the China-led global economy shows signs of climbing out of the coronavirus slump, though some long-term investors are adamant about staying away. The benchmark copper price on the London Metal Exchange in early May hit a record high, at $10,460 a […]
TOYAMA, Japan — Japan’s effort to achieve net-zero greenhouse gas emissions by 2050 has grassroots corporate support in a region with untold potential for water and wind power. Starting last month, the Toyama-based regional lender Hokuriku Bank has been using only electricity generated by local hydropower for its data center in central Toyama Prefecture, about […]
MANILA — Philippine tycoon Dennis Uy’s Udenna conglomerate has reached a deal worth up to $460 million to buy a gas exploration and development company from Royal Dutch Shell, boosting its interest in the Malampaya gas field to 90%. Malampaya Energy XP, a unit of holding company Udenna Corp., will acquire all of Shell Philippines […]
Bill Ford, Jr., Executive Chairman of Ford Motor Company, speaks at the reveal of the new all-electric Ford F-150 Lightning pickup truck at Ford World Headquarters, May 19. AFP-Yonhap South Korean battery maker SK Innovation (SKI) and American automaker Ford Motor will establish a 6 trillion won ($5.3 billion) joint venture in the United States […]
Ravensthorpe Nickel Operation nickel mine located in Western Australia. POSCO acquired a 30-percent stake in Ravensthorpe for $240 million, Wednesday. / Courtesy of POSCO By Kim Hyun-bin POSCO, the country’s leading steelmaker, has signed a deal with Canada-based First Quantum Minerals to purchase 30 percent of the Australian nickel company, Ravensthorpe Nickel Operation, for $240 […]
BANGKOK — After a quick rise to prominence in a country not generally friendly to startups, independent Thai power provider Gulf Energy Development is rapidly diversifying into natural gas and telecommunications, raising suspicion about tacit government support. Gulf Energy, run by Sarath Ratanavadi, Thailand’s second-richest man, last month announced a planned tender offer for InTouch […]
BANGKOK — After a quick rise to prominence in a country not generally friendly to startups, independent Thai power provider Gulf Energy Development is rapidly diversifying into natural gas and telecommunications, raising suspicion about tacit government support. Gulf Energy, run by Sarath Ratanavadi, Thailand’s second-richest man, last month announced a planned tender offer for InTouch […]
BEIJING/MOSCOW — China launched construction on four nuclear reactors made with Russian technology in a project symbolizing the tight bond between the two countries. Chinese President Xi Jinping and Russian President Vladimir Putin joined the groundbreaking ceremonies via video conference on Wednesday. The two sides first agreed to the nuclear project in 2018. Pervading the […]
Colonial Pipeline CEO on Wednesday admitted to the Wall Street Journal that his company paid a $4.4 million ransom to hackers as executives were unsure how badly its systems were breached or how long it would take to restore the pipeline. The 5,500-mile Colonial Pipeline system was closed last week after the most disruptive cyberattack […]
Park Sung-woo, S-Oil’s head of legal & compliance HQ, left, shakes hands with Hwang Eun-ju, president of Korea Management Registrar, after receiving the International Organization for Standardization (ISO) 37301 certification at S-Oil headquarters in Seoul, Tuesday. S-Oil has become the world’s first to receive ISO 37301 certification for its compliance management system. Courtesy of S-Oil
SYDNEY — Australia plans to provide up to about 2.4 billion Australian dollars ($1.87 billion) to save its oil-refining sector, cajoling its last two refineries into staying open at least until 2027. The deal, announced Monday, comes as news of closings by multinationals stokes concerns about the nation’s fuel security. BP said last October that […]
SYDNEY — Australia has pledged up to about 2.4 billion Australian dollars ($1.87 billion) to save its oil-refining sector, cajoling its last two refineries into staying open at least until 2027. The deal, announced Monday, comes as announced closings by multinationals stoke concerns about the nation’s fuel security. BP said last October that it would […]
S-Oil’s Ulsan paraxylene production plant. Courtesy of S-oil By Kim Hyun-bin Local refineries went through one of their historically worst earning periods in 2020 as most industries were hit by the devastating effects of the COVID-19 pandemic, but luckily they were able to make a turnaround in the first quarter of this year with a […]
LG Chem Senior Vice President Nam Chul, third from left, and DeFu Ma Ke, owner of Jiujiang DeFu Technology, second from right, pose for a commemorative photo at the investment signing ceremony, Sunday. Courtesy of LG Chem By Kim Hyun-bin LG Chem aims to strengthen its battery materials value chain by investing in a Chinese […]
SK Innovation’s Ulsan factory / Courtesy of SK Innovation By Baek Byung-yeul The country’s four major oil refiners ― SK Innovation, GS Caltex, S-OIL and Hyundai Oilbank ― saw their first-quarter earnings rebound owing to surging global oil prices and global economic recovery. Industry analysts said the oil refiners overcame the past year’s slump caused […]
TOKYO — Amazon.com is in talks with Japanese power companies and trading houses to build a first renewable energy power plant for its data centers in the country, Nikkei has learned. Amazon is seeking ways to procure electricity over the long term from exclusive renewable energy power stations. A Japanese trading house hopes to make […]
Doosan Heavy Industries and Construction CEO Jung Yeon-in, fifth from left, and Korea Hydro & Nuclear Power’s growth business head Kim Sang-don, fourth from left, and other company officials commemorate the signing of the two companies’ cooperation in hydrogen-related businesses at the Bundang Doosan Tower, Wednesday. Courtesy of Doosan Heavy Industries & Construction By Kim […]
TOKYO — Japanese trading house Mitsui & Co. has chosen the Philippines as the site for the company’s first megasolar project in Southeast Asia. Mitsui has formed a renewable energy joint venture with Philippine utility Global Business Power. The solar project in the northern province of Rizal is expected to cost roughly 7 billion yen […]
OSAKA (Kyodo) — An aging nuclear reactor in central Japan will be restarted in late June, becoming the first unit to operate beyond the government-mandated 40-year service period under new rules set after the 2011 Fukushima disaster, the operator said Wednesday. Kansai Electric Power Co. will begin loading nuclear fuel into the No. 3 unit […]
