Friday, February 23, 2018

South Korea News

KOGAS in LNG Arbitration with North West Shelf Gas

South Korea's state-run Korea Gas Corp (KOGAS) has gone into an arbitration with Australia's North West Shelf Gas to settle a liquefied natural gas (LNG) contract that ended in 2016, a company spokesman said on Monday.

S.Korea Plans to Boost Iran Oil Imports

South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate…

Glencore Books 6 mln bbls North Sea Forties in September

Swiss trader Glencore has provisionally booked three supertankers to load 6 million barrels of North Sea Forties crude for South Korea in September, according to shipping data and traders. The volume is larger…

Maintenance Shutters S. Korean Naptha Crackers

S.Korea to shut four of 11 naphtha crackers in 2015 for maintenance. South Korea is expected to shut four naphtha crackers with a total capacity of 3.76 million tonnes per year (tpy) of ethylene for month-long maintenance in 2015…

Sweden to Invest $18 million in Northvolt Battery Plant

Sweden will invest 146 million crowns ($18 million) in a multibillion-euro project to build Europe's biggest battery cell plant in the north of the country, its Energy Agency said on Monday. Swedish company Northvolt…

Asia's Soaring Gas Demand Beckons New LNG Projects

File Image: A typical LNG Carrier (CREDIT: GAC)

Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years…

South Korea Iran Oil Imports Drop in March

Crude carrier: File picture CCL

South Korea's oil imports from Iran fell 76 percent in March from a month earlier as one of the two Korean refiners that import the crude started a shutdown for maintenance, according to Korean customs data and a refining source.

S.Korea to Ease Local Blending Rules

File Image (CREDIT: AdobeStock / (c) Leeylutung)

S.Korea to allow traders to blend fuels at oil terminals; planning to nearly double storage to 60 mln barrels by 2026. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No.

S.Korean Rule Change to Allow Blending, Enhanced Regional Trading

File Image (CREDIT: AdobeStock / (c) Leeylutung)

S.Korea to allow traders to blend fuels at oil terminals; new regulation to be implemented from Oct 18. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No.

S. Korea's Crude Imports from Iran Double

South Korea imported 1.8 million tonnes of crude oil from Iran in January, up 108.8 percent from a year ago, preliminary data from the Korea Customs Service showed on Wednesday. That is equivalent to 13.2 million barrels, according to a Reuters calculation.

Brexit May Scupper Forties Crude Oil Trade to Asia

One of the most popular plays in the oil market could be stymied should Britain vote to leave the European Union in June, which would force South Korea, a major buyer of North Sea oil, to rejig a long-standing trade agreement for crude imports.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers hoping to benefit from a boom in the U.S. shale oil and gas industry. U.S.

Bestobell Exhibits LNG Technology

Photo courtesy of Bestobell Valves

Bestobell Valves, part of the President Engineering Group (PEGL), attended the Gastech 2014 exhibition in South Korea recently and said it had a great response from visitors across the globe, including a significant number from South Korea and Japan.

Russia Writes Off 90% Of NKorea Debt, Eyes Gas Pipeline

Russia's parliament has agreed to write off almost $10 billion of North Korea's Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state. Russia…

Samsung Heavy Sells Drilling Rig for $500 Mln

South Korea's Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company. The world's third-largest shipbuilder by orderbook said Sweden's Stena…

South Korea to Shut 10 Coal-Fired Power Plants by 2025

South Korea plans to shut 10 ageing coal-fired power plants by 2025, as Asia's fourth-largest economy seeks to cut its reliance on dirtier fuels after a pledge at last year's Paris climate summit to reduce greenhouse gas emissions.

South Korea Increasingly Looks to Buy Brent Crude Oil

Seek more oil from Europe, Africa; Brent-Dubai spread narrowest since August 2015. Oil buyers in South Korea are expected to take advantage of relatively cheap Brent against Dubai and step up purchases of low-sulphur crude in early third quarter…

S.Korea: Planned Carbon Market Flawed

South Korea's finance minister has called its impending emissions trading market "flawed in many ways", hinting that he would pressure other ministries to delay the planned 2015 launch, a local newspaper reported.

Oil Slump Boosts British Forties Exports to S.Korea

Around 4 million barrels of Britain's North Sea Forties crude is heading to South Korea on supertankers this month, according to traders and shipping data, as prices near multi-year lows increase its long haul allure.

U.S. Challenges China's imports of North Korean Coal

Deputy Secretary Blinken Photo US Dept of State

China's imports of North Korean coal run counter to global sanctions, a senior U.S. official said on Saturday, adding that a U.S. missile system deployed in South Korea should "motivate" Beijing to pressure Pyongyang over its nuclear programme.