SK Incheon Petrochem, the petrochemicals unit of the nation‘s top refiner SK Innovation, is expected to post record-high operating profits this year, largely backed by swift sales of the company’s paraxylene products used to produce polyester textiles and plastic bottles.  SK Incheon Petrochem's plants in Incheon (SK Incheon Petrochem)SK Incheon Petrochem expects to log operating profit that could surpass the record number achieved last year, the company‘s officials said. The petrochemicals unit

Industry Dec. 14, 2017

Wuhan Petrochemical, the SK-Sinopec joint venture, has been highlighted as a successful case of a cooperative project between the two countries during President Moon Jae-in’s state visit to China this week.The Korea-China petrochemical joint venture was forged by SK Global Chemical and Sinopec, China‘s largest petrochemical firm in 2013 with the two investing 3.3 trillion won ($2.91 billion) with the ratio of 35 percent to 65 percent, largely backed by SK Group Chairman Chey Tae-won’s vision to

Industry Dec. 14, 2017

LS HongQi Cable & System, the local manufacturing unit of LS C&S in China, logged a cable supply deal worth some 58 billion won ($53 million) in Kuwait, the company said Tuesday. Under the deal signed with the Ministry of Electricity and Water in Kuwait, LS HongQi C&S will begin supplying 132-kilovolt cables in Kuwait next year, to complete the construction by 2019, according to the company’s officials.  LS Cable & System's cable manufacturing facility in China (LS C&S)The latest deal secured in

Industry Dec. 12, 2017

South Korea’s Android users 10-29 years old were found to have spent the most time on Google’s YouTube app, according to a market report Tuesday. Korea’s local application market research firm WiseApp collected data from some 23,000 Korean Android users in November to compare the hours people spent on different applications.  (Yonhap)The combined hours those 10-19 spent on YouTube reached 129 million hours in November. This compared to 43 million hours spent on KakaoTalk, the nation’s most popul

Industry Dec. 12, 2017

S-Oil said on Monday that the company has donated 2 billion won ($182,999) to support the have-nots here. The donation was delivered to Community Chest Korea during a donation ceremony held at the CCK‘s headquarters, Monday, the company added.  S-Oil CEO Othman al-Ghamdi (left) poses for a photo with CCK Chairman Hur Dong-soo (right) at a donation ceremony held in Seoul, Monday (S-Oil)“S-Oil decided to continue delivering a donation this year so as to pursue one of the company’s core values, sha

Industry Dec. 11, 2017

South Korean petrochemicals producer Kumho Petrochemical said Monday it has filed a lawsuit against the US government over the high anti-dumping duties imposed on the company.In July this year, the US Department of Commerce placed anti-dumping duties of 44.3 percent on emulsion styrene butadiene rubber manufactured by Kumho Petrochemical and 9.66 percent on the products by LG Chem and other companies. (Yonhap)The US International Trade Commission then ruled that imports of Korean ESBR hurt the d

Industry Dec. 11, 2017

The number of Korean tourists visiting Japan between January and October this year rose 40 percent on-year, nearly triple the number of Japanese tourists to South Korea during the same period, industry data showed Monday. According to data collected by the Korea Tourism Organization and Japan Tourism Agency, 5.84 million South Korean tourists visited Japan during the 10-month period in 2017, up from 4.17 million last year.  (Yonhap)The number of Japanese tourists here reached 1.9 million, nomina

Industry Dec. 11, 2017

The Korea Hydro & Nuclear Power, the nation‘s nuclear reactors operator, plans to ramp up efforts to develop technologies related to nuclear decommissioning, to lead the market here and abroad, the company said Sunday. The announcement was delivered at a launching ceremony of a consultative body on reactor decommission held Friday amid Moon Jae-in government‘s drive on decreasing the nation‘s reliance on nuclear energy. Taking the state drive as well as changing policies around the world toward

Industry Dec. 10, 2017

South Korea’s corporate watchdog said Thursday that it would fine a total of 16 billion won ($14.6 million) on seven cable makers here for rigging project bids. According to the Fair Trade Commission’s statement, the manufacturers worked together more than 30 times to set bidding prices for three separate cable supply contracts and shared the work among themselves over a two-year period between 2011 and 2013. Each company will be subjected to a fine of about 2.5 billion won, the statement added.

Industry Dec. 7, 2017

Korea Electric Power Corporation CEO Cho Hwan-eik will resign Friday, more than three months ahead of the official end of his term in March, the company said Thursday.Cho‘s resignation announcement came just a day after Kepco was selected as the preferred bidder in the Moorside nuclear power plant project in the UK.  (Yonhap)Cho had reportedly shown his intention to retire before the official end of his term, but had postponed the decision largely due to the nuclear project deal.“I am happy to r

Industry Dec. 7, 2017

South Korea‘s sole utility provider Korea Electric Power Corp. has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald Wednesday. The Korean utility provider has been moving to acquire the 100 percent share held by Toshiba in the NuGen consortium that is developing the Moorside project.  (Yonhap)Kepco‘s selection is anticipated to be announced before the week’s end, according to sources.This will be

Industry Dec. 6, 2017

The Ministry of Labor and Employment said Tuesday that it has decided to impose a penalty on Paris Baguette for failing to follow its order to directly hire bakers by the deadline which expired on the same day.The ministry said that the bakery chain will pay fines corresponding to the number of subcontracted bakers, excluding those that expressed their wish not to become full-time employees of the food company. The total fine amount has not been finalized, it added. (Yonhap)The ministry also sai

Industry Dec. 5, 2017

GS Group made a 5 billion won ($4.5 million) donation to help victims of the recent earthquake in Pohang and the underprivileged, the group said Monday. The donation has been delivered to Community Chest of Korea. About 1 billion won will be spent to support residents in the earthquake-stricken city of Pohang in North Gyeongsang Province, while the remaining 4 billion won is to be spent on helping the underprivileged in the nation, the group’s officials said.  GS Group Chairman Huh Chang-soo (GS

Industry Dec. 4, 2017

SK Engineering & Construction has acquired a stake in a $1.44 billion project to build a 545-megawatt hydropower plant in Pakistan, the company said Monday.On Friday, SK E&C signed a contract with Associated Technologies Private Limited to gain an 89 percent stake in the Kaigah Hydropower Project. SK E&C will construct a 545-megawatt hydropower plant on Kandiah River in the Kohistan district of Khyber Pakhtunkhw in Pakistan.  Location of the 545-megawatt hydropower plant in Pakistan (SK E&C)Cons

Industry Dec. 4, 2017

SACHEON, South Gyeongsang Province -- As part of efforts to secure a multibillion dollar trainer jet project in the United States, South Korea’s sole aircraft manufacturer is considering ways to cut expenses including labor costs, said the new chief of Korea Aerospace Industries on Friday.At a press conference held at KAI’s headquarters in Sacheon, South Gyeongsang Province, the company’s new President and CEO Kim Jo-won said KAI is seeking ways to adjust the unit price of the T-50 advanced trai

Industry Dec. 3, 2017