Mining, Oil, Gas Equipment

S-Oil seeks sustainable growth with CSR programs

Saudi Aramco-invested S-Oil, the nation’s third-largest oil refiner, has sought sustainable growth by running a variety of corporate social responsibility programs on a long-term basis. The firm company has run its “sharing” programs with three targets for protection — environment, heroes and local community — for the past decade. The oil refiner said its most famous CSR program is the firefighter hero support program. Since 2006, the company has run CSR programs to boost morale of firefighters and help stabilize their [...]

Korea's dependence on coal-fired power output still high

Korea spent a record amount of money on coal-fired power generation last year, a nearly three-fold increase over a decade, indicating that the country’s dependence on the fossil fuel still runs high, industry data showed on Monday. According to the data compiled by the Korea Power Exchange, the country paid a total of 41.6 trillion won ($36.2 billion) to private power generators last year, down 6.2 percent from the previous year’s 44.4 trillion won, on the back of falling oil [...]

BOK forecast to hold key rate steady for Feb: poll

The Korean central bank is widely expected to stand pat on its key rate for another month in February despite weak signs of a recovery in the economy and exports that might require a rate hike down the road, a poll showed Thursday. In a monthly poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, all 10 economists surveyed projected the Bank of Korea (BOK) to hold its policy rate frozen at 1.5 percent for February. The [...]

Refiners' earnings unscathed by plunging oil prices

Despite global oil prices hitting a multi-year low due to a supply glut, local oil refiners pocketed decent earnings last year on the back of improved cracking margins, and their stellar performance may continue into this year, analysts say. Oil prices have been in the doldrums since early last year on continued concerns over an oversupply. More recently, international sanctions on Iran were lifted allowing the oil-rich country to add new barrels to an already glutted global market. This year, crude [...]

Korea, Iran agree to maintain won-based settlement system

South Korea and Iran reached an agreement to maintain the won-based settlement system used for years for bilateral trade while seeking an alternative payment method that can expand economic ties between the two countries, Seoul officials said Tuesday. “We agreed that the current won-based settlement system has no problem in continuing to operate. The existing accounts will remain,” a Finance Ministry official said. The agreement came after a Korean delegation comprised of finance and foreign ministry officials as well as local [...]

S. Korea’s industrial output rose in December

South Korea’s industrial output rose for the first time in three months in December, bolstered by solid growth in the chemical and refinery sectors, a government report showed Friday. Statistics Korea said production in mining, manufacturing, gas and electricity industries gained 1.3 percent last month from a month earlier. The increase marks a rebound after two straight months of decline. Compared with a year earlier, however, industrial production fell 1.9 percent. Output in the local chemical and refinery sectors rose 4.7 [...]