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1 week ago | 
businesskorea.co.kr | Michael Herh
Korea National Oil Corp. (KNOC) has decided to extend the bidding deadline for the second drilling project in the Donghae deep-sea gas field. This decision comes after some companies, having analyzed the “Daewang Whale” drilling data belatedly, requested more time for data analysis. According to industry sources, 4-5 global major oil and gas companies are considering participation in the project.
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1 week ago | 
businesskorea.co.kr | Michael Herh
Global automotive brands are successively raising prices for vehicles sold in the United States due to the impact of President Donald Trump’s automotive tariff policy. As stockpiled inventory depletes, vehicle price increases are becoming inevitable. Hyundai Motor and Kia are still refraining from price increases and holding out. Industry experts predict this stance won’t last long.
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1 week ago | 
businesskorea.co.kr | Michael Herh
HD Hyundai has made an additional investment in TerraPower, a U.S. small modular reactor (SMR) developer, alongside NVIDIA. According to a press release distributed on June 18 (local time), TerraPower announced the completion of a $650 million (approximately 894.6 billion won) fund raising. The fund includes participation from NVentures, a subsidiary of NVIDIA, Bill Gates, the founder of TerraPower, and Korea’s HD Hyundai, among others.
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1 week ago | 
businesskorea.co.kr | Michael Herh
KG Mobility announced that it will begin pre-orders for the Actyon Hybrid, an urban sports utility vehicle (SUV), on June 19. The Actyon Hybrid is equipped with a 1.83kWh (kilowatt-hour) lithium iron phosphate (LFP) battery, the largest capacity among domestic hybrid models. KGM explained that it also applies a dual tech hybrid system consisting of a parallel-series dual motor that produces 130kW (177 horsepower), delivering dynamic driving performance similar to an electric vehicle.
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1 week ago | 
businesskorea.co.kr | Michael Herh
Pacifico Energy Korea has jointly signed a cooperation agreement for the development of the offshore wind industry and revitalization of the Daebul Industrial Complex with three local governments — South Jeolla Province, Jindo County, and Yeongam County — and Yuil Co., Ltd., an offshore wind equipment supplier located in the Daebul Industrial Complex in Yeongam County, South Jeolla Province.
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1 week ago | 
businesskorea.co.kr | Michael Herh
POSCO Holdings has decided to withdraw from its ongoing coking coal business in West Virginia, United States. This decision appears to be the result of comprehensive considerations, including the large-scale mine fire that occurred in 2022 and the need to strengthen ESG management. According to Digital Daily and industry sources on June 18, POSCO has decided to halt additional investments in the Longview Mine project in West Virginia, which was being operated through its U.S. joint venture NCR.
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1 week ago | 
businesskorea.co.kr | Michael Herh
Taihan Cable & Solution announced on the 18th that it has signed a memorandum of understanding (MOU) with SuperNode, an Irish superconducting cable company, for the development of next-generation superconducting cables. Superconducting cables use superconducting wires instead of copper as conductors, which have zero electrical resistance below a certain temperature, resulting in much higher transmission efficiency compared to copper and aluminum cables.
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1 week ago | 
businesskorea.co.kr | Michael Herh
Korea Electric Power Corp. (KEPCO) is set to enter the European power market in partnership with Latvia’s largest distribution company. KEPCO announced on June 18 that it signed a “business agreement for next-generation distribution network management system (Grid-K ADMS) technology cooperation” with Sadales tīkls, a Latvian distribution company, on June 17. This agreement was concluded during the 28th International Distribution Network Council conference held in Geneva, Switzerland.
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1 week ago | 
businesskorea.co.kr | Michael Herh
The European Union (EU) has decided to completely phase out Russian oil and natural gas by 2028. New import contracts will be immediately prohibited from next year, and existing contracts will be terminated gradually. This marks the concrete implementation phase of the strategy to move away from Russian energy, which has been pursued as part of sanctions against Russia following the war in Ukraine.
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1 week ago | 
businesskorea.co.kr | Michael Herh
KG Mobility (KGM) plans to launch seven new vehicles by 2030, establishing a foundation for sustainable growth. The company intends to expand its sales lineup beyond its mainstay sport utility vehicles (SUVs) by adding multipurpose vehicles (MPVs) to meet market demand. Beyond electric vehicles (EVs) and hybrid vehicles (HEVs), KGM will secure extended-range electric vehicle (EREV) and plug-in hybrid (PHEV) technologies to further its transition to electric vehicles.
