Economy

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  LG Chem to build hydrogen production plant using methane off-gas SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will build a new plant capable of producing some 50,000 tons of hydrogen annually. Methane will be converted to hydrogen through a chemical reaction using high-temperature steam, and hydrogen will be depolymerized for use as fuel again. At its production base in Daesan, about 100 kilometers (62 miles) southwest of Seoul, LG Chem will produce hydrogen from methane off-gases generated by a naphtha cracking center (NCC) 2022-06-20
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  Oil carrier installed with LNG fuel tank made of high manganese steel at Daewoo shipyard SEOUL -- In a ceremony that heralded the accomplishment of complete technology independence, a liquefied natural gas fuel tank made of high manganese steel was installed on a giant oil carrier at the shipyard of Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea. High manganese steel is an alternative material for cryogenic services. The ceremony on June 16 was the result of a joint study by Daewoo Shipbuilding & Marine Engineering (DSME) and the re 2022-06-16
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  CJ Cheil Jedang works with university researchers to commercialize enzymes for biological plastic recycling SEOUL -- In an effort to upgrade biological recycling technologies that can replace mechanical recycling, CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will work with a national university research team to develop and commercialize high-efficiency enzymes that biologically decompose plastics. CJ CheilJedang said it has signed a joint research contract with Kyungpook National University to commercialize enzymes that biologically 2022-06-16
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  KOGAS and French partner Total forge strategic long-term partnership in LNG trading SEOUL -- South Korea's state gas company forged a strategic long-term partnership with TotalEnergies, an energy and petroleum company in France, to strengthen natural gas trading and energy security in the face of a volatile situation in the global energy market. Korea Gas Corporation (KOGAS) said it has signed a business agreement on liquefied natural gas (LNG) trading with Total at a ceremony in Singapore. The two companies have maintained close cooperation with long-term L 2022-06-16
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  SK Geo Centric ties up with Canadian and French companies to produce chemically recycled plastic SEOUL -- In response to tightened regulations on waste plastics in Europe, SK Geo Centric, a chemical company affiliated with South Korea's SK Group, will set up a joint venture plant in France to produce about 70,000 tons of chemically recycled plastics annually in cooperation with Canadian and French companies. The accumulation of plastic waste has become a serious global problem. Chemical recycling breaks down and returns plastic to its pure, raw material form. It is an attr 2022-06-16
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  Taihan Cable and Saudi partner agree to invest $80 million in joint venture plant in Riyadh SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, agreed with its Saudi partner to invest $80 million in a joint venture plant at an industrial park in Riyadh that will produce high voltage power cables targeting clients in the Middleast, Europe and Africa. Under a deal signed in Seoul, Taihan will own 51 percent of the joint venture named "Saudi Taihan Cable & Solution," and the remainder controlled by Mohammed Al-Ojai 2022-06-16
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  SK pharmteco earmarks $35 million to boost production capacity in Ireland SEOUL -- SK pharmteco, a U.S.-based portfolio company of South Korea's SK Group, will invest $35 million to expand the production capacity of its manufacturing plant in Ireland. The investment underlines a group-wide campaign to create a global pharmaceutical company that can produce synthetic drugs and bio-medicine for cell and gene therapy. Unlike Samsung Biologics, a major contract development and manufacturing organization (CDMO) that established a domestic production bas 2022-06-16
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  KOGAS subsidiary clinches first ship-to-ship LNG bunkering order from domestic shipping company SEOUL -- The sole provider of LNG bunkering services in South Korea clinched its first ship-to-ship bunkering order from a domestic shipping company that imports iron ore from Australia. The deal comes as South Korea is trying to activate its bunkering market for liquefied natural gas (LNG), a proven commercial solution to meet ever-tightening emissions requirements. Korea LNG Bunkering (KOLB) has signed a ship-to-ship (STS) bunkering contract to supply about 1,000 tons of LNG per s 2022-06-15
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  LG Display raises $1.0 billion new funds to expand OLED production in Vietnam SEOUL -- LG Display, a major flat panel maker affiliated with South Korea's LG Group, will raise about $1.0 billion worth of investment funds from domestic and foreign banks to expand organic light-emitting diode module lines and build infrastructure at its plant in Vietnam. Despite unstable economic conditions such as interest rate hikes and the war in Ukraine, LG Display said it was able to attract funds from global financial institutions, demonstrating its excellent technolog 2022-06-15
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  Doosan Group makes new investment to nurture semiconductor unit as global player SEOUL -- South Korea's Doosan Group will inject some one trillion won ($774 million) into its newly acquired semiconductor test service company to nurture it as one of the world's top five players within five years. The investment was disclosed during Doosan Group chairman Park Jeong-won's trip to the factory of Doosan Tesna in Anseong, 45 kilometers (28 miles) south of Seoul. Doosan Tesna will build a new plant for completion in late 2024 as part of efforts to expand it 2022-06-15
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  LG Electronics jumps into logistics robot market in cooperation with CJ Logistics SEOUL -- Based on its service robot solution know-how and autonomous driving technology accumulated in hotels, hospitals, and restaurants, LG Electronics jumped into the logistics robot market in cooperation with CJ Logistics, a major logistics company that has used artificial intelligence, big data and robots for digital transformation. The two companies would push for the joint development of an order picking system based on autonomous driving robots, establish optimized robot o 2022-06-15
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  Doosan Enerbility works with domestic companies to push for mixed combustion using green ammonia SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, tied up with two domestic companies to push for mixed combustion technologies that generate electricity by using green ammonia, which is considered an important part of a sustainable hydrogen ecosystem because no carbon is generated. Ammonia is seen as an ideal resource to establish an eco-friendly hydrogen fuel cell-based infrastructure. Green ammonia can be produced through electrolysis powered by renewa 2022-06-14
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  SK Innovation invests in U.S. startup Amogy for development of ammonia-based fuel cell system SEOUL -- As part its strategy to establish a green portfolio, SK Innovation affiliated with South Korea's SK group invested some $30 million in Amogy and agreed to cooperate in ammonia-based fuel cell systems, citing the commercialization potential of the American startup's technologies. SK Innovation (SKI) said it has signed a memorandum of understanding Amogy that develops a carbon-free energy system using ammonia as a fuel. SKI said Amogy's ammonia power technologies 2022-06-14
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  LGES earmarks $567 million investment to boost domestic production of cylindrical cells SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, will invest some 730 billion won ($567 million) to boost the domestic production of cylindrical cells for electric vehicles. LG Energy Solution (LGES) said that it would spend some 580 billion won on building new mass-production facilities for cylindrical batteries, and 150 billion won on expanding cylindrical battery lines, both at its production base in Ochang. Production is to begin in the 2022-06-13
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  LG Chem and GS EPS consider establishing joint venture for biomass power plant SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, partnered with GS EPS, a private power generation company, to collaborate on a biomass-based eco-friendly energy project, starting the potential establishment of a joint venture for the construction of a biomass power plant by 2025 to produce industrial steam and electricity with waste woods. Biomass is a plant-based material including agricultural crop residues, algae, and industrial wastes. Wood pellets are the mo 2022-06-13
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  Hyundai Motor works with researchers to develop perovskite solar cell for vehicle solar roof SEOUL -- South Korea's Hyundai auto group teamed up with a university research team to develop new perovskite solar cells that can efficiently charge vehicles when they are under the sun. The new technology will be applied to vehicle roofs containing solar panels, which are a relatively new phenomenon that promises to use renewable energy to add some charge to car batteries. A perovskite solar cell includes a perovskite structured compound as the light-harvesting active layer. P 2022-06-10
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  Daewoo shipyard leads joint development of onboard carbon capture and storage system for LNG carriers SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, will lead the development of a ship-based carbon capture and storage system for use by natural gas carriers to be delivered to its Greek client, Gaslog, in 2024. The system treats exhaust gases emitted from the internal combustion engine of ships Daewoo Shipbuilding & Marine Engineering (DSME) said it signed a tripartite cooperation agreement with GasLog, an LNG shipping services company i 2022-06-10
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  Hyundai Engineering secures order to carry out basic design of ASM plant in Australia SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, secured an order to carry out the basic design of a plant that will be built by Australian Strategic Materials (ASM) to refine and produce rare earth and strategic minerals such as zirconium and neodymium. Hyundai Engineering (HEC) said it has signed a contract with Australian Strategic Materials (ASM) for the front-end engineering design (FEED) of the plant, which is part of ASM's project in Dubbo nor 2022-06-09
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  First SOFC power plant put into operation to provide electricity and heat SEOUL -- South Korea's first solid oxide fuel cell power plant was put into commercial operation to generate electricity that can be used by about 14,000 households annually. The plant is equipped with an innovative module to supply hot water by recovering heat emitted from fuel cells. The 4.2-megawatt solid oxide fuel cell (SOFC) power plant run by Korea East-West Power (EWP), a public power generation company, opened at a leisure and sports center in the eastern port city of D 2022-06-09
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  SKC sells out lucrative film business to focus on semiconductors, batteries and eco-friendly businesses SEOUL -- SKC, a polyester film and chemical material manufacturer affiliated with South Korea's SK Group, sold its lucrative film processing business to Hahn & Company, a top domestic private equity fund, for 1.6 trillion won ($1.27 billion) to focus on materials for semiconductors and secondary batteries as well as eco-friendly businesses. The equity fund purchased SKC's film business division, a film processing subsidiary, and U.S. and Chinese operations under a deal s 2022-06-08