State-run Korea National Oil Corp. is seeking to sell off its stakes in oil and gas fields in the British, Dutch and Danish North Sea, according to foreign media reports. The KNOC, whose debt ratio stood at 3,415.5 percent in 2019, is attempting to dispose of parts or all of its North Sea subsidiary Dana Petroleum to secure liquidity. Dana Petroleum is a British oil company acquired 100 percent by the KNOC. Dana Petroleum in January launched a process to sell a 10 percent stake in the Gre

Doosan Heavy Industries’ two coal-fired plants worth 1 trillion won ($896.7 million) in Vietnam have been connected to the country’s electricity grid, according to foreign media reports. In 2015, Doosan won Song Hau 1 project that consists of two 600-megawatt thermal power plants from the Vietnam Oil and Gas Group. The plant No. 1 was synchronized in November, and plant No. 2 was synchronized Wednesday. When a power plant is synchronized, its means the plant is successfully est

SK Innovation’s revenue fell to 34.16 trillion won ($34.16 billion) last year, a 30.7 percent plunge from 49.87 trillion won on-year, as the pandemic dealt a massive blow to its petrochemical business. According to the South Korean battery-to-petrochemical giant’s regulatory filing on Friday, the company posted an operating loss worth 2.5 trillion won, swinging to red from an operating profit 1.2 trillion won in 2019. The revenue of SK Innovation’ petrochemical business,

Lime, the world’s leading provider of rented electric scooters and electric bikes, will soon launch electric mopeds in Seoul, the company said Thursday. According to Lime, the e-mopeds will be introduced in selected cities in South Korea. Lime is also in discussions with Washington and Paris about introducing its e-mopeds there in the coming months. “Lime’s addition of e-mopeds makes it the first and only micro-mobility provider to offer three shared electric vehicle type

In a rare move, South Korean Prime Minister Chung Se-kyun on Thursday openly called for a swift resolution to the US court battle between LG Energy Solution and SK Innovation over battery patents, describing it as an “embarrassment.” “Both firms should take a step back and resolve this issue swiftly,” said Chung on Thursday, answering a question from a reporter as to whether he would be willing to intervene in the matter. “K-battery will open up a great future

As employment restrictions placed on Hanwha Group Chairman Kim Seung-youn are set to be lifted next month, industry watchers are paying attention to his possible return to the boardroom of the group’s core companies. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for the breach of trust and had to resign from the representative director’s position at seven affiliates including the holdings firm Hanwha Corp. He has also been barred from seeki

LG Chem Vice Chairman and CEO Shin Hak-cheol shared the company’s strategies on tackling climate change at the World Economic Forum on Wednesday. During the “Mobilizing Action on Climate Change” session, which was held online, Shin suggested three keywords to business and industry leaders to address climate change -- commit, operationalize and engage.   “In 2019, LG Chem emitted 10.5 million metric tons of carbon dioxide. If we keep growing at the current ra

GS Caltex said Wednesday it has recently unveiled a 6-minute-long video on YouTube that shows the essence of company’s 53 years of history. Titled “Energy Plus Journey,” the clip chronicles the company’s beginning as the nation’s first private oil company in 1967 and the journey it took to become today’s energy giant. The video, created with an aim of sharing GS Caltex’s vision with a global audience, supports 10 languages including Korean, English,

Nexon founder Kim Jung-ju has pledged to donate 10 billion won ($9 million) for the construction of children’s hospitals, making good on his promise to give back to society. The 52-year-old chief of NXC, the holding company of South Korean gaming giant Nexon, has delivered half of the money -- 2.5 billon each -- to Daejeon Chungnam Public Children’s Rehabilitation Hospital and Nexon Children’s Palliative Care Center at Seoul National University Hospital, according to local me

As AirPods and Galaxy Buds become ever more popular, the demand for micro batteries has spiked, benefiting South Korean battery manufactures LG Energy Solution and Samsung SDI. According to Counterpoint Research data, the size of the global wireless earphone market is estimated to have reached 220 million units last year from 120 million units from a year prior. Accordingly, the global micro battery market is estimated to have enjoyed a 90 percent growth, a major boon for LG Energy Solution&

South Korean chemicals maker SKC said Tuesday it will establish its first overseas production base for copper foils in Malaysia and that the factory would be powered by 100 percent renewable energy sources. According to the company, its copper foil subsidiary SK Nexilis will invest 650 billion won ($587.4 million) and construct a copper foil plant with an annual production capacity of 44,000 metric tons at Kota Kinabalu Industrial Park in the state of Sabah. “After breaking ground in

A video game treats children with attention deficit hyperactivity disorders, helping them build self-control and concentration. Adults with specific phobias are prescribed to virtual reality programs designed to help them face their fears and train their minds. Games are no longer just fun stress relievers. They are rising as next-generation treatments. According to a session at CES this month, digital therapeutics, or medical software in the form of games, mobile applications, virtual rea

South Korea’s state power companies are projected to register 1.3 trillion won ($1.17 billion) in combined losses this year due to the nation’s anti-coal drive and low electricity prices. According to budget plans submitted by five subsidiaries of Korea Power Corp. on Tuesday, the Korea South-East Power, Korea Midland Power, Korea Southern Power, Korea East-West Power and Korea Western Power are expected to record net losses of between 230.8 billion won and 350 billion won. The b

South Korean defense companies enjoyed a solid performance last year despite complications from the pandemic and are expected to continue their momentum this year, according to market tracker FnGuide on Tuesday. Last year, five major local defense firms -- Hanwha Aerospace, LIG Nex1, Korea Aerospace Industries, Hyundai Rotem and Hanwha Systems -- were estimated to have logged sales similar or slightly lower than those of a year prior, as the coronavirus prevented them from landing new contra

Hanwha Solutions said Monday it will triple production of the eco-friendly plastic material Eco-DEHCH to respond to a growing market demand. According to the South Korean solar-to-chemical company, it has completed the expansion of its Eco-DEHCH facility in Ulsan, increasing the annual production capacity from 15,000 metric tons to maximum 65,000 tons. The expansion cost 45 billion won ($40.7 million). Eco-DEHCH is a type of plasticizer, a substance added to a plastic to make it softer and mo

Market turbulence brought on by the pandemic has left many companies in shambles. Some forward-looking corporations took the unease as an opportunity to reset and refocus, in order to emerge stronger in the post-pandemic era. For Hanwha Solutions, this was a prime time to invest. Aiming to dominate the global solar-to-hydrogen business, the Hanwha Group company announced last month a plan to raise 1.2 trillion won ($1.09 billion) through rights offering. The new share issue is part of the

From a wartime gunpowder supplier to a retail-to-finance conglomerate, Hanwha Group has made quite a transformation in its near seven-decade history. Yet, its change from now on may be even more dramatic, as the group with 86 affiliates and total assets of 71 trillion won redefines its core to future-leading technologies such as solar power and hydrogen. At the very center of this ongoing shift in Hanwha’s identity stands Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seun

A new space race has begun in the US, as billionaire entrepreneurs Elon Musk and Jeff Bezos set out to launch thousands of small satellites to provide high-end internet coverage everywhere around the globe. Although a late comer to the space in general, South Korea, too, has an ambitious player seeking to join the race -- the defense units of Hanwha Group. At the forefront is Hanwha Aerospace, which manufactures aircraft components and commercial engine parts. The group announced last mont

LG Energy Solution topped the global market of electric vehicle batteries in 2020, while Hyundai Motor and its sister company Kia have ranked fifth in the global electric vehicle market. According to market tracker EV-Volumes, the country’s battery giant LG Energy Solution deployed the most electric vehicle batteries in the world – a total of 34.5 gigawatts, or enough to power 700,000 electric vehicles. LG was followed by China’s CATL and Japan’s Panasonic, which sold

Samsung heir Lee Jae-yong finally broke his silence, three days after he was sent back to prison on Monday for bribing former President Park Geun-hye. In a message sent via his attorneys on Thursday, the Samsung Electronics vice chairman reaffirmed the importance of his ongoing drive to establish a law-abiding culture at the conglomerate. “While reaffirming my continued support for Samsung’s legal compliance monitoring committee, I implore its chairman and its members to carry