Thursday, July 9, 2020

South Korea News

New Report Outlines Big Potential for Offshore Wind

(Photo: Ørsted)

Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities…

Refineries around Asia Join Chinese Peers in Increasing Production

Refinery - Image by TTstudio/AdobeStock

Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The…

Oil Drops but Still Set for Biggest Monthly Gain in Years

Image by namning - AdobeStock

Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents…

Japan's Refiners Facing Stagnant Market May Cut Capacity

Illustration; Image by SeanPavonePhoto - AdobeStock

Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries…

LOC to Provide MWS Services for Ørsted Taiwan Offshore Wind Farms

Imag Credit: Halberg AdobeStock

Danish offshore wind developer Ørsted has contracted LOC for the provision of Marine Warranty Survey services (MWS) for the Greater Changhua 1 & 2a offshore wind farms in Taiwan.Under the agreement, LOC will provide…

New JV to Explore Floating Wind Farm Development in South Africa

Illustration; Image Credit - Hexicon

Swedish floating windfarm developer Hexicon has teamed up with South African wind developer Genesis Eco-Energy Developments to explore the development of offshore wind in the country.For this purpose, two companies…

Japan Spot LNG Import Prices Hit Record Low

Image credit - alexyz3d/AdobeStock

Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014.

Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts

Illustration; An LNG Carrier - Image by vladsv/AdobeStock

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output.

Linde, Hyosung to Build World’s Largest Liquid Hydrogen Plant in S. Korea

South Korea's Hyosung and the global industrial gases provider Linde Group will invest in the construction of a liquid hydrogen plant on an area of about 30,000 square meters within the site of Hyosung Yongyeon…

Covid-19 Catches up with Seaborne Coal in Asia

Image by Yaniv - AdobeStock

The coronavirus pandemic has finally caught up with seaborne thermal coal in Asia, as soft demand in major importers India and China sends prices to multi-year lows and dents the polluting fuel's relative outperformance…

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.

Orsted Hopes COVID-19 Will Not Slow Japan's Offshore Wind Projects

Illustration; Orsted's offshore wind farm - Image by Orsted

Orsted, the world's largest offshore wind farm developer, is concerned the coronavirus may delay auctions for offshore projects as it prepares to enter the market, the head of its Asia-Pacific unit said. "The…

Offshore Wind Hits 22GW for Europe

Graph: GlobalData

Europe has expanded its offshore leadership by adding 3.6 gigawatt (GW) of new commissioned capacity in 2019, bringing the total offshore wind installed capacity at the end of 2019 to above 22GW.According to the recent report of GlobalData…

Northland Expands Offshore Wind Pipeline in Asia

Image: Northland Power

Canadian power producer Northland Power will acquire Dado Ocean Wind Farm, a development company with multiple early-stage offshore wind development sites in South Korea.Dado Ocean is currently owned by Eui Jeong Hwang…

Global LNG Demand to Double by 2040: Shell

Image: Shell

Global demand for liquefied natural gas (LNG), rose by 12.5% to hit 359 million tons last year, according to Royal Dutch Shell’s annual LNG Outlook report.According to the forecast by Shell,  LNG demand was expected to double by 2040 to 700 million tons…

Coronavirus Leaves China-bound Tankers Stranded

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The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1…

Japan: Ocean Release for Fukushima Water

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A panel of experts advising Japan's government on a disposal method for radioactive water from the destroyed Fukushima nuclear plant on Friday recommended releasing it into the ocean, a move likely to alarm neighboring countries.The…

Partners to Expand Pakistan LNG Inport Terminal

(File photo: Excelerate Energy)

Excelerate Energy announced it has agreed with partner Engro Elengy Terminal Ltd. (EETL) to expand the EETL liquefied natural gas (LNG) import terminal in Port Qasim, Pakistan.Under the heads of agreement (HOA)…

Aramco Sells LNG Cargo to S-Oil

Aramco Trading Co, the trading arm of oil giant Saudi Aramco, has sold a liquefied natural gas (LNG) cargo to South Korea's S-Oil Corp, as the company looks to ramp up its LNG business, four industry sources said on Wednesday.The cargo is for delivery in early

Europe Dominates LNG Import Story in 2019

© Maciej Bledowski / Adobe Stock

Global liquefied natural gas (LNG) production jumped in 2019, triggering oversupply and low prices that are expected to persist in 2020. Initial full-year data from LNG Edge shows exports at 355 million tonnes in 2019…