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S. Korea's 25th nuclear power plant put into commercial operation A nuclear power plant is under construction in the United Arab Emirates. South Korea's 25th nuclear power plant was put into commercial operation Tuesday, using a new home-made reactor called "APR 1400" which has been exported to the United Arab Emirates. With the new plant in the southeastern county of Ulju, nuclear energy accounted for 22.1 percent of South Korea's total power production, according to Korea Hydro & Nuclear Power Co. APR 1400 i December 20, 2016
Hyundai shipyard wins $700 mln deal from Iranian firm South Korea's embattled shipbuilder Hyundai Heavy Industries said Sunday it has secured a 700 million US dollar deal to build 10 vessels for an Iranian firm. It was the first shipbuilding order by the Iranian company following the lifting of international sanctions on Tehran in January. Hyundai will provide technical cooperation for the development of Iran's shipbuilding industry. The Hyundai shipyard will build four container ships and six December 11, 2016
S. Korea plans IPOs for 8 public energy firms by 2020: Yonhap South Korea said it will gradually complete initial public offerings (IPOs) for eight public energy companies by 2020 to help improve their financial status. The eight firms are Korea South-East Power Co., Korea Southern Power Co., Korea East-West Power Co., Korea Western Power Co., Korea Midland Power Co., Korea Hydro & Nuclear Power Co., KEPCO KDN Co. and Korea Gas Technology Corp. The Ministry of Strategy and Finance said it will announce detailed IPO plans for th December 9, 2016
S. Korea solar power firm OCI to sell US affiliate for $384 mln South Korea's top solar power company OCI said Monday that it would sell its US affiliate for 385 million US dollars in an effort to improve its financial status. In a regulatory filing, OCI Solar Power said it has agreed to sell OCI Solar San Antonio 6 LLC. for 450 billion won ($384 million). The name of the buyer was not disclosed. OCI said the proceeds would be used to improve its financial status and finance another project in the United States. Si December 5, 2016
Russian shipper may place shipbuilding order with Korean firms: Yonhap Russia's state-owned shipping line Sovcomflot may award its oil tanker shipbuilding deal to a South Korean shipbuilder in the near future, with its management recently visiting Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., industry sources said Monday. According to the report from global shipping industry tracker Tradewinds and industry sources, top management from Sovcomflot held a series of meetings with the two Korean shipyards l December 5, 2016
Hyundai Heavy and Aramco to build joint shipyard in Saudi Arabia Hyundai Heavy Industries, the world's largest shipbuilder, has agreed to build a joint shipyard with Saudi national oil giant Aramco by 2021. The joint shipyard has been pushed by Saudi Arabia as part of efforts to diversify its economy beyond oil. Riyadh has developed non-oil industries, using state spending on projects including a shipbuilding and repair complex in the kingdom. Hyundai Heavy is among a number of foreign firms involved in Saud December 1, 2016
S. Korea to build world's largest floating solar power facilities: Yonhap K-Water, South Korea's state water resources company, said Friday that it has begun to raise funds worth about 100 billion won (84 million US dollars) to build the world's largest floating power-generating facilities. The energy company said it plans to sign deals with institutional investors by March next year to build and manage the 40-megawatt solar power facilities inside Hapcheon Dam in Hapcheon, about 350 kilometers south of Seoul. The company is set to build a 1 November 25, 2016
Lotte to transfer its golf course as deployment site for THAAD South Korea's Lotte Group has accepted a property swap to transfer its golf course as the new site for the deployment of an advanced US missile defense system, the defense ministry said Wednesday. The Lotte Skyhill Country Club in a remote rural area will be handed over to the defense ministry while the country's fifth largest conglomerate will receive military-owned land in Namyangju at the northeastern suburb of Seoul, the ministry said. November 16, 2016
Investors react positively to Hyundai Heavy's sweeping business overhaul A sweeping corporate overhaul pushed by Hyundai Heavy Industries, the world's largest shipyard, received a favorable response in the market Wednesday, triggering expectations on an early turnaround in its embattled business. Hyundai's board endorsed plans Tuesday to reorganize the group's bloated structure into six separate entities, to focus on shipbuilding, offshore plant and vessel engines after spinning off five other divisions covering electro ele November 16, 2016
Hyundai shipyard allowed to own Edda's accommodation vessel South Korea's top shipbuilder Hyundai Heavy Industries has acquired the ownership of a newly built accommodation service vessel from Norway's Edda Accommodation through arbitration, reports said Tuesday. The vessel, which was to be named Edda Fortis, was ordered in March 2014 with delivery originally scheduled for June 2015. Edda canceled its order worth 200 million US dollars in April, citing extensive delays. Edda asked Hyundai to return $69 million in advan November 15, 2016