SK Group chairman Chey Tae-won has launched a business trip to countries in the Middle East including Saudi Arabia and Kuwait in a bid to boost his company’s resources development. During his trip from March 24-April 4, Chey is to discuss ways to bolster cooperation with the region’s leading oil firms including Saudi Arabia’s state-owned Aramco, Saudi Basic Industries Corp., and Kuwait Petroleum C

Industry March 27, 2011

Korea unit’s chief expects OLED, clinical trials to be prospective in tech-savvy local marketDuring the 2008-09 economic crisis, many companies curtailed their costs, their workforces and their investments as they strove to survive the worst global slowdown since the Great Depression of the 1930s. Merck Korea, the local unit of the world’s oldest chemical and pharmaceutical firm, was one of the fe

Industry March 24, 2011

KT&G Corp., the nation’s largest tobacco producer, said Wednesday that it is to launch a ginseng business in the northeastern Chinese province of Jilin.Seeking to diversify its portfolio, the company has been enhancing its Oriental healthcare business, for which China is considered the world’s largest market.KT&G signed a memorandum of understanding on Tuesday with the governments of Jilin and Yan

Industry March 23, 2011

South Korea has inked two oil deals in the United States and Kazakhstan meant to boost the country’s energy security. The state-run Korea National Oil Corp. has bought a stake in an unconventional oil field in Texas from Anadarko Petroleum Corp., the Ministry of Knowledge Economy said Monday.The firm now holds a 23.7 percent-stake in the shale oil field for which it paid $1.5 million and expects t

Industry March 21, 2011

S-Oil Corp., the nation’s third-largest refiner, entrusted the Community Chest of Korea with a relief fund totaling 500 million won ($440,000) to support Japan, company officials said Sunday.“As Japan is now undergoing an unimaginable difficulty due to last week’s massive earthquake, we decided to provide humanitarian aid for the country,” S-Oil CEO Ahmed A. Subaey said.  S-Oil CEO Ahmed A. Subaey

Industry March 20, 2011

Korean businesses including Hyundai Motor Group, SK Group and S-Oil have forged financial support for Japan in the aftermath of the massive earthquake and an ensuing tsunami it suffered last week, they said Thursday. Hyundai Motors Group will donate $1.3 million to Korean Red Cross which will be delivered to the Japanese Red Cross and be spent on buying blankets and food, it said. “We express our

Industry March 20, 2011

Local builders focus on safety standards as Japan quake may dampen export marketsRenewed nuclear safety concerns arising from blasts and radiation leak in Japan will likely pose both a threat and an opportunity for the South Korean nuclear energy industry, experts said Wednesday.The local nuclear industry may carry on the upbeat trend in Asian markets should it be able to prove its safety and tech

March 16, 2011

State-run natural gas developer Korea Gas Corp. said it will further boost its efforts for achieving mutual growth with its contractors and other philanthropic activities, the firm said. KOGAS’ service was recognized last year when it was made Fortune Magazine’s list of the World’s Most Admired Companies. The firm ranked the fourth in the energy firm category. It received good marks for its excell

Industry March 15, 2011

But experts say prolonged disaster may pose threat to Korea’s exports, financial marketsThe earthquake in Japan has caused minimal impact on South Korean firms and exports though damage will inevitably escalate should the Japanese economy take longer to recover than expected, the government said Monday. The 9.0-magnitude temblor which occurred on the northeastern coast of the island nation Friday

March 14, 2011

South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the

March 13, 2011