South Korea's Lotte Chemical sells Pakistani unit in streamlining push SEOUL, November 13 (AJP) - South Korea's Lotte Chemical said on Thursday that it had completed the sale of its controlling stake in its Pakistani subsidiary, Lotte Chemical Pakistan Limited. Lotte’s withdrawal from Pakistan underscores a broader trend among South Korean chemical companies seeking to pare back exposure in emerging markets with volatile currencies, while investing more heavily in specialty and sustainable chemical products that promise higher margins. Lotte Chemical sold its 75.01 percent stake in the subsidiary to PTA Global Holding Ltd, a joint entity formed by AsiaPak Investments Limited of Pakistan and the UAE-based Montage Commodities FZCO. The transaction, valued at 98 billion won, or about $72 million, closed on Nov. 12 following a public tender offer in September. Including 29.6 billion won in dividends received earlier this year, Lotte said it had secured a total of 127.6 billion won from the sale. Lotte Chemical Pakistan operates a plant that produces 500,000 tons of purified terephthalic acid (PTA) annually, a key raw material used in polyester fibers, industrial yarns, and PET bottles. The divestment marks another step in Lotte Chemical’s ongoing restructuring, as the company moves to concentrate on higher-value businesses. Since 2023, the Pakistani subsidiary had been classified as a non-core asset, with the company citing management risks linked to financial support and currency volatility in the local market. “We will continue our business restructuring to strengthen core competitiveness and expand our specialty portfolio, particularly in high-performance engineering plastics and advanced materials,” Lotte Chemical said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 09:49:02

POSCO ramps up lithium investments as EV battery race heats up SEOUL, November 12 (AJP) - South Korea's POSCO Holdings is expanding its global footprint in lithium, the critical ingredient for electric vehicle batteries, with new investments worth 1.1 trillion won, or about $800 million, in Australia and Argentina. The move is part of the steel and battery materials company’s drive to secure key resources as global competition for battery metals intensifies. The company said Wednesday that it will acquire a 30 percent stake in a new holding company created by Australia’s Mineral Resources for $765 million, or roughly 1 trillion won. The deal gives POSCO access to 270,000 tons of lithium concentrate a year from the Wodgina and Mt. Marion mines in Western Australia — enough to produce 37,000 tons of lithium hydroxide, sufficient for about 860,000 electric vehicles. Beyond securing supply, the investment allows POSCO to take part in mine management and receive dividends, with an eye toward eventually expanding into refining lithium concentrate as global demand rises. In a separate move, POSCO said it will invest $65 million to acquire full ownership of the Argentine subsidiary of Lithium South, a Canadian resource developer that holds mining rights in the Hombre Muerto salt flat, one of the world’s richest lithium brine deposits. The Argentine acquisition, announced on Nov. 5, will give POSCO additional land and resources in the region, where it already operates lithium extraction projects. The company expects the deal to create operational synergies by leveraging its existing infrastructure and expertise in the area. “Securing raw material competitiveness is crucial to becoming the world’s leading lithium company,” POSCO Group Chairman Jang In-hwa said in a press release. “We will continue to diversify our global lithium supply chain through active investment.” POSCO’s latest push comes as demand for battery materials surges amid the accelerating shift to electric vehicles. Major producers from China to the United States are racing to lock in access to lithium deposits, a strategic resource expected to face supply constraints over the next decade. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 09:56:04

LG Energy Solution moves into aerospace battery market with US partner SEOUL, November 12 (AJP) - LG Energy Solution, one of the world’s leading electric-vehicle battery makers, is pushing into the aerospace sector through a new partnership with an American startup specializing in next-generation energy storage. The South Korean company said Wednesday that it has entered into a strategic collaboration with South 8 Technologies, a San Diego-based firm known for developing liquefied gas electrolytes for lithium-ion batteries. The technology, which maintains performance in temperatures as low as minus 60 degrees Celsius, was named one of Time magazine’s top 200 inventions of 2024. The partnership will focus on developing advanced battery cells capable of operating in the extreme conditions of aerospace applications, LG Energy Solution said. The effort aligns with initiatives by NASA and KULR Technology Group to design low-temperature battery systems for future space missions. KULR, supported by the Texas Space Commission, is working on similar lithium-ion solutions for next-generation exploration programs. LG Energy Solution and South 8 plan to jointly design and produce prototype cells using specialized materials and configurations optimized for use in aerospace environments. The two companies first connected through LG’s Startup Challenge Program in 2019 and signed a joint development agreement in 2024. The latest deal expands their collaboration as LG seeks to diversify beyond its core automotive and energy storage markets. “The liquefied gas electrolyte technology is expected to fundamentally resolve battery performance issues in extreme cold,” said Jay Kim, LG Energy Solution’s chief technology officer. “We aim to create new customer value across multiple industries, including aerospace exploration.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 09:38:17

South Korea's HD Hyundai targets naval contracts in India SEOUL, November 11 (AJP) - HD Hyundai Heavy Industries said Tuesday it had signed a memorandum of understanding with Cochin Shipyard, India’s largest state-owned shipbuilder, to help the country modernize its maritime capabilities. The agreement centers on the Indian Navy’s Landing Platform Dock (LPD) project, part of New Delhi’s effort to strengthen domestic shipbuilding. Under the accord, the two companies will cooperate on design, construction and technology sharing, combining Cochin’s local manufacturing base with HD Hyundai’s naval engineering expertise. Cochin Shipyard, based in Kerala, has built a wide range of vessels, including India’s first indigenous aircraft carrier. The South Korean company’s latest deal follows an earlier partnership inked in July between Cochin Shipyard and HD Korea Shipbuilding & Offshore Engineering, HD Hyundai’s intermediate holding company. That initial agreement focused on collaboration in procurement, productivity improvement and workforce development. The new MOU aims to jointly execute the LPD program, which could serve as a strategic entry point into India’s broader naval and defense shipbuilding market, HD Hyundai said. HD Hyundai plans to provide design and technical support, drawing on its experience in building naval vessels for countries such as the Philippines and Peru. India has stepped up its naval modernization drive under its TPCR 2025 plan, which outlines military technology and capability development through 2040, including next-generation destroyers, submarines and amphibious ships. “We believe we are the ideal partner for the Indian Navy’s modernization efforts,” said Joo Won-ho, head of HD Hyundai Heavy's naval and medium-sized ship division. “This collaboration represents a significant step in expanding our footprint in the Indian naval market.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 14:39:57

South Korea's largest hydrogen center begins operation SEOUL, November 11 (AJP) - A joint venture between Lotte Chemical and Air Liquide has opened South Korea’s largest high-pressure hydrogen shipping center. The facility, located in the Daesan Petrochemical Complex in South Chungcheong Province and operated by Lotte-Air Liquide Ener’Hy, a joint venture established in 2022, will supply high-pressure hydrogen across South Korea’s central region, including Seoul. It is expected to play a key role in fueling hydrogen-powered commercial vehicles such as buses and trucks — a crucial step toward building a viable hydrogen economy. Executives from both companies were joined for the opening ceremony on Tuesday by government and industry officials, including An Se-chang, director of climate energy policy at the Ministry of Climate and Environment, Seosan Mayor Lee Wan-seop, Air Liquide Asia-Pacific head Ronnie Chalmers, Lotte Chemical chief executive Lee Young-jun and Hyundai Motor vice president Ken Ramirez. Backed by the government’s hydrogen shipping center initiative and leveraging Lotte Chemical’s byproduct hydrogen output, the Daesan facility is capable of producing hydrogen at 450 bar, or roughly twice the pressure of conventional systems. According to the company, that capacity is enough to supply fuel for about 4,200 passenger vehicles or 1,100 commercial buses a day. The introduction of advanced high-pressure tube trailers will also improve logistics efficiency, allowing each vehicle to transport about 3.5 times more hydrogen than older 200-bar systems, the company said. “The completion of the Daesan center demonstrates our commitment to a sustainable energy future in South Korea,” said Kim So-mi, chief executive of Lotte-Air Liquide Ener’Hy. “We aim to accelerate hydrogen mobility adoption and contribute to the country’s ambitious hydrogen ecosystem goals.” Lee, Lotte Chemical’s chief executive, said the new facility marks an important step in turning industrial byproduct hydrogen into a high-value energy source. “The Daesan center represents a milestone in our journey toward carbon neutrality,” he said. “We will continue to lead in hydrogen innovation and expand new energy businesses.” South Korea has set a goal of becoming one of the world’s leading hydrogen economies by 2035, with plans to deploy more than 200,000 hydrogen-powered commercial vehicles and establish nationwide refueling infrastructure. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 13:49:39

Samsung Heavy secures $199 million order to build two crude oil tankers SEOUL, November 07 (AJP) - Samsung Heavy Industries said on Friday that it had secured an order worth about $199 million to build two crude oil tankers for a North American client, with delivery scheduled by January 2029. The deal brings the company’s total orders this year to $5.6 billion, or about 83 percent of its $5.8 billion target for merchant ships. “Following an $800 million preliminary order for offshore production facilities and a recent letter of intent from Delfin in the United States, we expect to meet our annual goals,” the company said in a statement. So far this year, Samsung Heavy’s orders include seven liquefied natural gas carriers, nine shuttle tankers, two container ships, two ethane carriers, and 11 crude oil tankers, totaling 32 vessels. Its current order backlog stands at $26.9 billion, covering 125 ships. A company spokesperson said Samsung Heavy expects steady demand for replacing aging crude oil tankers. “We will continue to respond proactively to market conditions by building a flexible production system in cooperation with domestic and international shipyards,” the spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 13:44:19

South Korea's Lotte Chemical opens petrochemical complex in Indonesia SEOUL, November 07 (AJP) - South Korea's Lotte Chemical said on Friday that it has completed construction of a massive petrochemical complex in Cilegon, a port city in Indonesia’s Banten Province. A completion ceremony was held Thursday, attended by Lotte Group Chairman Shin Dong-bin, Lotte Chemical Chief Executive Lee Young-joon and Indonesian President Prabowo Subianto. The facility — called the Lotte Chemical Indonesia New Ethylene Complex, or LINE — represents a $3.95 billion investment aimed at strengthening the company’s foothold in Southeast Asia’s rapidly expanding petrochemical market. Built on 110 hectares of land, the complex began construction in 2022 and was finished in May. Now in commercial operation, the plant is designed to produce 1 million tons of ethylene, 520,000 tons of propylene, 350,000 tons of polypropylene, 140,000 tons of butadiene, and 400,000 tons of BTX annually, the company said. Indonesia has identified petrochemicals as a strategic sector under its “Making Indonesia 4.0” roadmap for industrial development. The industry has grown by about 5 percent annually, but domestic production has lagged demand, forcing the country to import large volumes of key materials. Indonesia’s self-sufficiency rate for ethylene stood at 44 percent last year. Lotte’s new complex is expected to raise that figure to around 90 percent by supplying most of its output to local manufacturers. The project will also bolster Indonesia’s trade balance, create new jobs, and spur investment in related industries. The Indonesian government has granted Lotte tax incentives to support the venture’s competitiveness. The LINE complex will also supply ethylene to the nearby Lotte Chemical Titan Nusantara plant, achieving vertical integration of production and improving overall efficiency. Lotte Chemical said it plans to use Indonesia as a strategic base for expansion across Southeast Asia while continuing to streamline its domestic petrochemical operations and invest in specialty materials. “This project is one of the largest investments ever made by a Korean company in Indonesia,” Chairman Shin said at the ceremony. “It will serve as a foundation for advancing Indonesia’s petrochemical industry and national competitiveness, generating about $2 billion in economic value and contributing to sustainable growth.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 09:16:54

Ethiopia's gold mining boom fuels record sales of Korean excavator SEOUL, November 06 (AJP) - HD Hyundai Infracore said on Thursday that sales of its construction equipment in Ethiopia have risen nearly fivefold this year, propelled by a surge in gold mining activity. The company’s Develon brand sold about 1,300 machines in 2025, a 470 percent increase from a year earlier. Much of that growth came from the popularity of its 36-ton excavator, the DX360, which accounted for roughly 90 percent of total sales, or more than 1,100 units. Ethiopia’s rapidly expanding mining sector has been a key driver. A government report in September said the industry grew by 162 percent in the 2024–25 fiscal year, with gold exports climbing to a record $3.4 billion. To strengthen its foothold, HD Hyundai Infracore has expanded its local network through the “Develon Care” program, which provides regular inspections, training for dealer engineers and after-sales support. The company said the initiative has helped build customer trust and improved its ability to respond to market needs. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:43:18

HJ Shipbuilding wins nod from Britain's Lloyd's Register for new LPG, ammonia carrier SEOUL, November 06 (AJP) - South Korea's HJ Shipbuilding said it has received an approval from Lloyd’s Register for the design of its new 45,000-cubic-meter liquefied petroleum gas (LPG) and ammonia carrier. The new design adds to HJ’s lineup, which already includes a 38,000-cubic-meter LPG carrier and an 88,000-cubic-meter ammonia carrier. The approval follows a four-month collaboration launched in July between HJ Shipbuilding and the British classification society to meet rising global demand for gas carriers. During that period, HJ developed a mid-sized carrier focused on safety, efficiency, and fuel flexibility. The vessel uses low-temperature steel and advanced tank systems designed to withstand the extreme conditions required for transporting liquefied gases. Lloyd’s Register reviewed and verified the vessel’s compliance and structural integrity before issuing its certification. Measuring 190 meters in length and 30.6 meters in width, the ship can carry up to 45,000 cubic meters of cargo and is capable of transporting a range of liquefied gases, including propane, butane, ammonia, and vinyl chloride monomer — providing shipowners with greater operational flexibility. Given ammonia’s corrosive and toxic nature, the design includes safety measures such as leak detection systems, automated ventilation control, and materials engineered to reduce the risk of cracking. HJ Shipbuilding said it plans to continue expanding its research and development efforts in alternative-fuel vessels, including methanol-powered, dual-fuel, hydrogen, and ammonia-fueled ships. “Receiving approval from Lloyd’s Register reaffirms our design and technical capabilities,” HJ Shipbuilding said in a press release. “We intend to strengthen our competitiveness in the global eco-friendly ship market through continuous innovation and R&D.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 14:19:42

Samsung Heavy expands into US shipbuilding market with new partnership SEOUL, November 06 (AJP) - Samsung Heavy Industries said on Thursday that it had signed a strategic partnership agreement with DSEC, a ship design and procurement company, in a move to expand into the U.S. shipbuilding market. DSEC, which works closely with American shipyards in areas such as vessel design, equipment supply, maintenance and technical consulting, is expected to provide a key bridge for Samsung’s entry into the U.S. market. The company’s expertise in U.S. regulatory standards and shipyard operations is seen as a competitive advantage for the partnership. Under the agreement, the two companies will collaborate on a range of projects, including medium-sized commercial vessel construction, shipyard modernization, ship retrofitting, liquefied natural gas (LNG) cargo tank repairs, and the development of green and digital solutions. The partnership will also extend to joint research and development facilities in South Korea and abroad. Samsung Heavy Industries said it plans to integrate its shipbuilding and offshore engineering technologies with DSEC’s U.S.-based design and procurement capabilities to enhance efficiency in its global supply chain, particularly for the company’s MASGA project — a strategic initiative to strengthen its global shipbuilding network. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:49:14