Economy

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  Startup agency to build one-stop logistics center at Incheon International Airport to help SMEs SEOUL -- South Korea's state-operated startup support agency will build a logistics center at Incheon International Airport, the country's main gateway, to help small and medium-sized enterprises and online market operators easily store cargo and export products. The center will offer an efficient one-stop service including cargo storage, transport, and customs. While large conglomerates have their own teams dedicated to the export of their products, small and medium-sized 2022-11-23
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  Daewoo shipyard completes performance run of test ship for autonomous operation SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder, has completed the on-site performance run of its test smart ship for autonomous operation, securing sufficient operational data that would be applied to an actual ship in 2023. Daewoo Shipbuilding & Marine Engineering (DSME) has conducted various demonstration tests for autonomous operation in waters off Hwaseong, about 30 kilometers (18 miles) southwest of Seoul, with a test ship named " DAN-V&qu 2022-11-22
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  SK energy uses Doosan fuel cells to demonstrate on-site hybrid energy station SEOUL -- Using fuel cells that simultaneously produce hydrogen, electricity and heat, SK energy, a leading refiner in South Korea, will demonstrate an on-site hybrid energy station capable of generating green energy and using it directly for charging. Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, will provide its "Tri-gen" fuel cell system that generates electricity, heat and hydrogen utilizing 440-kilowatt phosphoric acid fuel cells (PAFC). SK 2022-11-22
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  KHNP cooperates with Canada's Candu Energy to dismantle defunct nuclear power plants SEOUL -- South Korea's state-run operator nuclear power plant operator will cooperate with Candu Energy, a subsidiary of Montreal-based SNC-Lavalin, to secure technologies for dismantling defunct nuclear power plants. Accumulated technologies will be used for the early dismantlement of South Korea's first pressurized heavy water reactor which went into operation in 1982. Korea Hydro & Nuclear Power (KHNP), the operator of 24 nuclear power plants in South Korea, has agre 2022-11-22
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  Kumho Petrochemical ties up with France's Technip Energies to introduce polystyrene waste pyrolysis technology SEOUL -- Kumho Petrochemical, a chemical company in South Korea, tied up with Technip Energies, a French engineering and technology company, to introduce polystyrene waste pyrolysis technology and build a factory for the commercial production of recycled polystyrene in 2026. Polystyrene is a synthetic polymer used for protective packaging, containers, lids, bottles, trays, tumblers, and disposable cutlery. Recycled polystyrene, known as recycled styrene monomer (RSM), can be reconve 2022-11-22
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  LG Chem to build largest cathode material plant in U.S. to meet demands for EV batteries SEOUL -- In a bid to meet growing global demands for cathodes, a key part of high-performance batteries used in electric vehicles, LG Chem, the chemical unit of South Korea's LG Group, will build a big cathode plant with an annual capacity of 120,000 tons in Tennessee with an injection of more than three billion dollars. It would be the biggest cathode plant in the United States. A cathode is an electrode used in batteries along with anodes to help the conduction of electrici 2022-11-22
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  Kia Motors to verify vehicle-to-vehicle charging technology for electric vehicles SEOUL -- Kia Motors, affiliated with South Korea's Hyundai auto group, joined forces with domestic electric vehicle (EV) charging service provider TBU to verify vehicle-to-vehicle (V2V) charging technology that enables a driver charge an EV's battery by connecting to another EV using a cable. The technique can be used for the development of mobile EV charging services. The EV charging platform startup company was approved by South Korea's industry ministry to launch a 2022-11-21
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  Doosan Fuel Cell ties up with China's ZKRG to establish hydrogen fuel cell joint venture SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, tied up with its Chinese partner, ZKRG Smart Energy Technology, to export 105-megawatt hydrogen fuel cells for power generation by establishing a joint venture. 50MW will be exported in the form of finished products by 2024 and 55MW in the form of parts by 2026. Doosan Fuel Cell and ZKRG will cooperate in marketing and discovering business opportunities in China. In September 2021, ZKRG supplied Doos 2022-11-21
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  Amore collaborates with popular rappers to attract young male consumers SEOUL -- Targeting a growing male cosmetics market, South Korea's leading beauty product maker Amore Pacific has collaborated with popular rappers to launch a campaign that encourages young male consumers to express themselves using various beauty products. Old generations watch young men using foundation products and BB creams with curious eyes, some seeing MZ generations as unmanly, but more young men adorn themselves. CJ Olive Young, the operator of South Korea's largest 2022-11-21
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  [INTERVIEW] Aqualex aims to expand overseas sales with functional dermacosmetics SEOUL -- The utilization of organic components in dermacosmetics with high-quality and efficient skin remedies is projected to create new commercial opportunities. With functional dermacosmetic products containing harmless natural ingredients, Aqualex, a beauty product company in South Korea, aims to actively expand overseas sales, especially in Southeast Asia and the United States, citing a growing demand for dermacosmetics. "There is a growing demand for Korean cosmetics in 2022-11-18
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  Kolon Global to build smart farm infrastructure capable of growing strawberries in Saudi Arabia SEOUL -- Kolon Global, a construction engineering company affiliated with South Korea's Kolon Group, will create smart farm infrastructure for strawberries in Saudi Arabia. Most strawberries in the middle eastern country are imported from foreign countries as cultivating strawberries is difficult due to the lack of agricultural land and water. A smart farm is an automated indoor farm created by combining information and communication technology (ICT) with agriculture. Because 2022-11-17
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  S-Oil discloses $7.0 billion investment for steam cracker and other facilities with Salman's blessing SEOUL -- With the blessing of Saudi Crown Prince Mohammed bin Salman, S-Oil, a petroleum and refinery company controlled by Aramco, unveiled a new investment of $7.0 billion to upgrade new facilities and build a giant steam cracker that produces ethylene from naphtha and off-gas. This marked Aramco's most prominent investment in South Korea. S-Oil said in a regulatory filing on November 17 that the new investment was endorsed for a second-stage petrochemical expansion project 2022-11-17
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  LG Chem to build pilot facility for dry reforming of methane SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will build a pilot facility for the dry reforming of methane that makes plastic using carbon dioxide and a by-product gas collected in factories. The method is a groundbreaking carbon reduction facility, but commercialization has been limited due to the problem of rapidly lowering catalyst performances. The dry reforming of methane (DRM) method produces synthetic gas (syngas), a mixture of hydrogen and carbon monoxid 2022-11-17
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  SK signet to produce ultra-fast EV chargers in Texsas in response to U.S. EV infrastructure project SEOUL -- SK signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, will produce ultra-fast electric vehicle (EV) chargers with a capacity of more than 350 kilowatts (kW) in Texas. The production will help the EV charger maker to receive subsidies from the United States government pushing for the national electric vehicle infrastructure (NEVI) project. The U.S. government has set a subsidy budget of about $5 billion by 2030 for the N 2022-11-16
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  LG Chem to build aerogel plant at plastic waste recycling base for operation in 2024 SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, will build an aerogel plant at its plastic waste recycling base for commercial operation in 2024, along with a "supercritical" pyrolysis plant, as part of efforts to expand its environment-related business. About 310 billion won ($234 million) will be spent on building the two plants in Dangjin some 80 kilometers (49.7 miles) southwest of Seoul. Aerogels are a class of synthetic porous ultralight mate 2022-11-16
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  Hyundai Glovis establishes strategic partnership with Malaysia's Lion Group for logistics upgrading SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, established a strategic partnership with Lion Group and agreed to realize logistics upgrading for the Malaysian steel group by implementing a new computer operating system for integrated transportation management. Under a memorandum of understanding, Hyundai Glovis said it would start providing logistics consulting in early 2023 to diagnose the status of Lion Group's steel logistics and find i 2022-11-16
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  SK geo centric partners with Britain's Plastic Energy to build Asia's biggest pyrolysis plant SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, joined forces with Plastic Energy, a chemical recycling company in Britain, to build Asia's biggest pyrolysis plant capable of recycling 66,000 tons of plastic waste per year. Pyrolysis is a chemical recycling process that can convert plastic waste into high-quality oil. SK geo centric (SKGC) will build a pyrolysis plant in a recycling cluster in the southeastern industrial city of Ulsan by 2022-11-16
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  ASML breaks ground for lithography cluster in S. Korea SEOUL -- The construction of ASML Holding N.V.'s lithography cluster began after the Dutch manufacturer of crucial chip-making equipment pledged close cooperation with South Korean semiconductor companies which have expanded their investment to cement their top position in memory chip production and enhance their competitive power in the global foundry market. ASML CEO Peter Wennink hosted a groundbreaking ceremony on November 16 in Hwaseong, about 30 kilometers (18 miles) south 2022-11-16
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  LX Pantos works with Air France KLM to join sustainable aviation fuel program SEOUL -- LX Pantos, a total logistics company in South Korea, tied up with Air France KLM Martinair Cargo, a key player in the air cargo industry, to cooperate in revitalizing air cargo transportation using sustainable aviation fuel that is produced from sustainable feedstocks and can reduce carbon emissions. Air France KLM's program was launched in 2020 to expand the use of sustainable aviation fuel for shippers and carriers. Aviation biofuels, or sustainable aviation fuels (SA 2022-11-15
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  POSCO's high manganese steel recognized by U.N. agency as cryogenic material SEOUL -- High manganese steel developed by South Korea's steel group POSCO has been recognized by a U.N. maritime safety agency as a cryogenic cargo and fuel tank material for ships. POSCO's high manganese steel is cost-effective and showed superiority over existing cryogenic materials in terms of elongation and ultimate tensile strength. The International Maritime Organization (IMO) stipulates that cargo windows and fuel tanks of ships that transport cryogenic cargo such as 2022-11-15