Posco Daewoo, the energy development unit of steelmaker Posco, has partnered with two global energy firms to jointly develop new gas fields in Myanmar to sustain gas production there, the company said Friday.The firm inked a 300 billion won ($268.1 million) deal with McDermott and BHGE on the phase two development of gas fields Shwe and Shwe Phyu in Myanmar.“By successfully completing the phase two development, Posco Daewoo will make efforts to retain stable gas production at the company’s cash

SK Innovation, South Korea’s top oil refiner, has shifted the focus of its business to the chemical sector, securing a stable profit generator, the company said Thursday.The firm’s chemical business posted 284.8 billion won ($253.8 million) in operating profit, accounting for some 40 percent of its total earnings in the first quarter of this year, the company’s figures showed.Its chemical business looks set to surpass 1 trillion won in operating profit this year for the third consecutive year. S

With aims to diversify its partnership with South Korean businesses and raise brand awareness, Mahindra & Mahindra tapped Choi In-bom as the second representative of the local office this January.Mahindra Korea, established in 2013, has so far helped the Mahindra Group clinch major deals with companies here including LG Chem, Posco and Hanwha Qcells, striving to fulfill its purpose as a facilitator between the headquarters in India and Korea.Continuing to pursue the firm’s mission, Choi is searc

Posco, South Korea’s top steel supplier, has recruited 100 volunteers for its 12th undergrad volunteer group Beyond, which will officially kick off next month, the company said Wednesday.The new members of Beyond will visit regions in need of help in Korea and overseas for the next eight months.From July 11-19, they are scheduled to help construct five steel houses in four regions here, including Pohang, South Gyeongsang Province and Namwon, North Jeolla Province, the company said. The 11th grou

Hyundai Motor, South Korea’s No. 1 automotive company by sales, has signed a strategic partnership with Finnish energy firm Wartsila to tap into the energy storage systems market by utilizing used electric vehicle batteries, the company said Tuesday. The move is aimed at securing future growth, while dealing with environmental concerns over used electric vehicle batteries. Hyundai said it is expected to start development of ESS products for industrial use in 2021. “Much spotlight has been put on

The South Korean government and businesses agreed to invest some 2.6 trillion won ($2.33 billion) over the next five years to speed up the country’s hydrogen gas-powered vehicle industrial ecosystem, the Trade Ministry said Monday.Aiming to gain an upper hand in the prospective global fuel cell vehicle market, the 2.6 trillion won will be spent on building plants for fuel cell vehicles and fuel cell stacks, manufacturing fuel cell buses and developing fuel cell storage containers.In doing so, th

Key to retaining popularity in the fast-changing South Korean market is introducing customized editions, according to SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra.Competing in the compact sport utility vehicle segment, the carmaker’s top-selling Tivoli SUV launched in January 2015 is credited for igniting demand for compact SUVs here.In the first year of its launch, 45,021 Tivoli SUVs were sold and stood for more than half of 82,308 compact SUVs sold here in the

In hopes of ending weeks of questions on its political neutrality, Posco over the weekend selected Posco Chemtech CEO Choi Jeong-woo to lead the country’s largest steelmaker, which is currently facing a myriad of challenges while attempting to diversify new growth engines. Choi’s nomination is widely seen as a move to eliminate speculation that preceding Chairman Kwon Oh-joon had exerted influence in the selection process, while underscoring the company’s drive to bolster its non-steel businesse

Hyundai Rotem, the train-making affiliate of Hyundai Motor Group, has developed the world’s first train system that can pass through sharp curves with a radius of 15 meters, the company said Tuesday.Capable of making turns in round areas with a 15-meter radius, compared to the previous 25-meter radius, the latest system is expected to enable train tracks to be built in populous regions and curvy locales.　It was developed as part of a government-led project to develop trains that can run 5-7 seve

Mercedes-Benz Korea, the local unit of the German luxury carmaker, revealed its first five-seater CLS coupe in six years in Seoul on Monday, seeking to inch closer to this year’s goal of selling over 70,000 cars for the first time among import carmakers.Riding on demand for CLS coupes here, Benz Korea hopes to sell more than 2,300 units of the new CLS this year, surpassing last year’s performance when South Korea was the second bestselling market for CLS worldwide after China.The third-generatio

GM Korea, the local unit of the US carmaker, is seeking to regain its rank as the No. 3 bestselling local carmaker here this month on demand for new models and financial support from related parties to stabilize its financial conditions, the company said Friday.GM Korea is hoping to sell more than 10,000 units in June for the first time this year and regain its position as the third top-selling local carmaker here after Hyundai and Kia, based on 3,000 vehicles sold here in the first ten days of

After a sweeping election victory by the Democratic Party of Korea, leaders of municipalities are likely to push ahead with an administrative drive to ditch old diesel cars and boost electric vehicles as part of their campaign pledges.Re-elected Seoul city major Park Won-soon vowed during his campaign that he would classify vehicles in five different groups based on the amount of emissions and make an alternative-day-no-driving system mandatory.　Park said incentives would be given to vehicles em

Hyundai Motor has become a global automotive sponsor for La Liga’s leading football club Atletico Madrid, stepping up sports marketing efforts in Europe, the company said Thursday.The sponsorship deal was announced just days after the automaker revealed its partnership with Chelsea FC.Until 2021, Hyundai’s logo will appear on the sleeve of the football club’s uniform, alongside advertising boards in its stadium. Hyundai will also be given the rights to display its vehicles at Atletico Madrid’s h

South Korea’s largest carmaker Hyundai Motor has signed a partnership with Chinese artificial intelligence startup DeepGlint, as part of measures to beef up “open innovation” with startups in future mobility, the company said Wednesday.The deal was revealed by Hyundai Motor heir apparent Chung Eui-sun at the annual CES Asia 2018 underway in Shanghai, China, for three days until Friday. Chung was making a public appearance for the first time since the conglomerate dropped plans for governance ove

Hyundai Motor is poised to become a leading automaker in motorsports, sweeping eight wins at the World Rally Championship and World Touring Car Cup so far this year, the company said Tuesday. The latest victory scored by Thierry Neuville, driver of Hyundai WRC team, came last week at the seventh round of the 2018 WRC in Italy.“The rally in Italy was fantastic. We were able to reap a notable record thanks to Hyundai’s outstanding i20 rally car and team members,” said Michele Nandan, the head to H

Hyundai Motor, South Korea’s leading automaker, has become an official global automotive partner of top Premier League Chelsea football club, the company said Tuesday. Hyundai’s logo will appear on advertising boards in the stadium, and Hyundai’s vehicles displayed at the club’s home stadium Stamford Bridge.Chelsea players will also wear jerseys with Hyundai’s logo embedded on the left sleeve for the next four years starting August this year, when the new season begins, the company said. (from l

Amid instabilities surrounding oil-exporting countries, gas prices in Korea have risen for eight weeks in a row and averaged 1,610 won ($1.50) per liter as of Monday, industry figures showed.According to gas price information provider Opinet, gas prices in Korea averaged 1,610 won per liter at the start of the week, retaining the highest rate since December 2014.At stations across Seoul, the average cost of gas surged to 1,696 won, up 0.19 percent from the previous day. The most expensive statio

Hyundai Mobis has started a software training program at a cost of 1.4 billion won ($1.2 million) at its research center in Yongin, Gyeonggi Province, to beef up its automotive software professionals by five times by 2025, according to the firm on Sunday.The auto parts unit of Hyundai Motor Group said it has widened the role of its research and development centers in India and Vietnam to serve as a global base to analyze information collected by the firm’s self-developed automated vehicle.“In th

BUSAN -- GM Korea, the local unit of the US auto giant, said Thursday it expects to make a turnaround next year on newly launched cars centered on sport utility vehicles.“I’m confident to say that we have landed on significant agreement with all our stakeholders that enables us to move forward. I’d like to think that we can try to get to profitability as soon as next year,” GM Korea chief Kaher Kazem said during a meeting with reporters at the Busan motor show. GM Korea CEO Kaher Kazem answers q

BUSAN -- Major imported car makers are showcasing their green car lineups and future eco-friendly vehicle plans at the ninth Busan International Motor Show that opens this week, aiming at the steadily growing local market.Highlighting the event was the world premiere by Mercedes-Benz Korea, which unveiled the plug-in hybrid version of its top selling 10th generation E-class, named the new E 300 e.The automaker also revealed the concept EQA, the first compact-sized electric vehicle under the EQ E