The exports of petroleum products by major refiners in South Korea hit a record high of $27.95 billion in the first half of this year on the back of higher oil prices and strong demand recovery amid eased COVID-19 restrictions, data showed Tuesday. The outbound shipments by SK Energy Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. represent a 97.6 percent increase from a year earlier and surpassed the previous record high of $27.7 billion in 2012, according to a latest report by the Ko

GS Engineering and Construction said Monday it has released its annual sustainability report for 2022, introducing its environmental, social and corporate governance-related activities. In the report, the South Korean builder said it had launched its Research Institute for Future Technology in March. Through its continued investment in future technology, GS E&C said it had developed water saving, biogas facility modulation, carbon dioxide to hydrogen conversion, and eco-friendly water desal

GS Energy, an energy arm of South Korean conglomerate GS Group, said Wednesday it has renamed its electric vehicle charging subsidiary as GS Connect. The subsidiary is a joint corporation, created by GS Energy and local EV charging firm Gntel. The two companies hold 50 percent of shares each. By stressing its identity as being part of GS Group, the subsidiary said it hopes to expand business and bolster customer trust. The name change also includes the company’s promise to connect with

A 2.4 trillion won ($1.86 billion) seawater desalination project in Oman overseen by GS Engineering & Construction subsidiary GS Inima has kicked off, officials said Monday. GS Engineering & Construction has signed financing documents for GS Inima’s project to build a Barka 5 Independent Water Plant in Oman, a deal reached with Oman Power & Water Procurement Co. in 2020, the company said. Of the $130 million that will be needed for building the plant, GS E&C will be procu

The IB Korea, a beer and liquor importer, recently participated in the Air House Festival, a music fair held in Chuncheon, Gangwon Province, for three days starting June 10. At the event, the IB Korea met with young customers in their 20s, introducing its newly launched cocktail products, Uptown Margarita and Uptown Pina Colada. The two new products are brands from Texas-based distillery and winery Southern Champion. The Uptown Margarita is an agave wine-based cocktail, while the Uptown Pina

The engineering and construction division of Samsung C&T Corporation is aggressively entering the eco-friendly energy businesses such as small modular reactors, or SMRs, green hydrogen and ammonia. The Engineering & Construction Division of Samsung C&T recently invested $70 million in NuScale Power, an American SMR company, laying a stepping stone for its SMR business overseas. SMRs are safer compared to conventional nuclear reactors, emits nearly zero carbon, and guarantees a stab

LG Electronics said Sunday it is making its foray into the burgeoning electric vehicle charging market, calling the sector one of its key growth drivers for its next big leap. As part of the big push, the firm said it has acquired a 60 percent stake in AppleMango, a local battery maker, in partnership with GS Energy and GS Neotek that took over 34 percent and 6 percent in the company, respectively. Following the deal, AppleMango has become a subsidiary of LG Electronics. Through the new su

South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.” The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after ef

Amid price hikes and rising food bills, retailers in South Korea have come up with a new marketing strategy to keep customers satisfied. Convenience store chain CU has launched packages of vegetables, meat and fruit that are smaller and less expensive than the ones they usually sell. The store chain also offers packaged Korean pork belly, jowl meat, false lean, and flat iron steak in 200-gram packages. The company said it has cut margins by directly purchasing vegetables from distribution cen

A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron

The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies.  SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w

South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f

Renault Korea Motors has added a new trim called Inspire to its XM3 SUV, which has been lauded for its distinct, upscale design. Named after the show car unveiled at the 2019 Seoul Motor Show, XM3 Inspire comes in two colors -- cloud pearl and sonic red. The Inspire trim of the compact SUV features ventilated leather seats, heated rear seats, customized ceilings, a shield to minimize wind noise when driving at high speeds and small design touches such as red lines on the air curtain, side fend

AI STUDIOS gained 30K subscribers and 500K visitors in only nine months. The application of AI Humans and AI video synthesis are diverse Industry leaders are quick to adopt technology for DeepBrain AI SAN MATEO, Calif., May 17, 2022 /PRNewswire/ -- DeepBrain AI, an innovator of the commercialized AI-generated Virtual Humans, announces that the AI STUDIOS video synthesis platform has over 30,000 subscribers. AI Studios is a video production tool that makes it easy to produce

By 2025, flying taxis, or urban air mobility (UAM) vehicles, in South Korea could be accessed at gas stations located near major cities. Oil refiner GS Caltex, along with five leading companies in telecom, mobility and airline businesses, have formed a consortium to jump into the future mobility market together on Tuesday. The five other firms are telecom company LG Uplus, taxi-hailing app Kakao Mobility, domestic drone solutions company Pablo Air, low-cost carrier Jeju Air, and British UAM man