Ministry of Trade, Industry and Energy

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site, stating that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18

First petroleum shipment received at Korea Energy Terminal

Deputy Minister for Energy Policy Lee Ho-hyeon visited the Korea Energy Terminal (KET) located in Ulsan on April 18 for reception of the first shipment of petroleum products and toured the construction site. Upon the successful reception, the terminal officially launched into commercial operation.   The KET is an oil and gas terminal established through joint investment by Korea National Oil Corporation (KNOC) and SK Gas as part of the Government’s Northeast Asia Energy Hub project. Construction commenced in July 2020, with its oil storage facility completing in December 2023 and the gas storage facility due completion this year.   In 2017, Korea eased restrictions for oil traders and in 2024, the Government worked with Korea Customs Service and the National Tax Service in making amendments to allow the immediate refund of duties, value-added tax, and import levies for domestic oil refiners upon shipping out their petroleum products from bonded areas, enabling international trading companies to blend Korean refiners’ products.   These efforts over the years have sparked the interest of various global traders and investors towards the Ulsan energy hub. Deputy Minister Lee remarked that the Ulsan KET is an exemplary model of successful public-private cooperation and asked that safety rules be strictly upheld in finishing the remaining construction of the gas storage facility. date2024-04-18

Korean delegation attends 14th Session of IRENA Assembly

Renewable Energy Director General Jeong Kyung-rok is attending the 14th Session of International Renewable Energy Agency (IRENA) Assembly from April 16-18 (local time) in Abu Dhabi, United Arab Emirates (UAE), as the Chief Delegate representing the Korean government.   Established in 2011 with aim to promote global cooperation and widespread use and adoption of renewable energy, IRENA is an international organization of which Korea is currently serving as a member of the Council.   The Korean delegation is attending the high-level meeting sessions and articulating Korea’s achievement of more than doubling the proportion of renewable energy in the country’s energy mix over the last five years despite its difficult renewable energy supply conditions, and will share various policy experiences accumulated throughout the process.   Meanwhile, Director General Jeong will meet with Francesco La Camera, IRENA’s Director General, on April 16 to discuss measures for stronger cooperation, asking IRENA’s role of bridging developed and developing member countries and taking into consideration the supply situation of each renewable energy source and different conditions per region and country in implementing the pledge declared at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) on tripling global renewable energy capacity by 2030.   On the margins of the general assembly, the Korean delegation will meet with Othman Al Ali, CEO of UAE’s Emirates Water and Electricity Company (EWEC), the client company of the Al Ajban Solar Photovoltaic (PV) Independent Power Project recently awarded to Korea Western Power Co., for bilateral talks. The delegation will also meet with Korean energy firms operating in the UAE market before departing for Korea. date2024-04-16

MOTIE and IEA to co-host World Climate Industry Expo 2024 in Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 14 that it will be co-hosting the World Climate Industry Expo 2024 with the International Energy Agency (IEA) this year in September in Busan under the shared vision of diffusing the use of carbon-free energy (CFE) sources like nuclear power, renewables, hydrogen, and CCUS (carbon capture, utilization, and storage) for advancing global climate emergency response and energy security.   Launched in 2023, the World Climate Industry Expo 2024 will be held under the theme of “Ushering in a Carbon-Free Energy Era with Climate Technology” to focus discussions on the swift transition into sustainable clean energy. It is anticipated that the Expo will serve as a venue for accelerating the global diffusion of the Carbon Free Energy (CFE) Initiative in accordance with the agreement reached during the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28).   Keynote speakers for the Expo include Fatih Birol, IEA Executive Director, and James Bacchus, Distinguished University Professor of Global Affairs and Director of the Center for Global Economic and Environmental Opportunity at the University of Central Florida. In addition, global companies like Samsung, Hyundai Motor, Ørsted, and Tesla will showcase their latest and future technologies. date2024-04-16

Minister Ahn visits Washington D.C. to discuss stronger Korea-U.S. cooperation in clean energy and advanced industries

Trade, Industry and Energy Minister Dukgeun Ahn is making his first visit to Washington D.C., U.S. (April 10-12) after taking office to meet with U.S. Department of Commerce (DOC) and Department of Energy (DOE) counterparts, Biden administration officials, U.S. Congress members, and major thinktank figures for extensive discussions on trade issues and measures for Korea-U.S. cooperation in industries and energy.   During the bilateral ministerial Supply Chain and Commercial Dialogue (SCCD) meeting and energy ministerial meeting held in April 2023 on the margins of President Yoon Suk Yeol’s state visit to the U.S., the two countries agreed to cooperate in clean energy and advanced industries, including semiconductors. Minister Ahn aims to further discussions on stronger cooperation in clean energy areas and advanced industries through this visit, while also touching on issues concerning the U.S. CHIPS Act subsidies and the Inflation Reduction Act (IRA) incentives.   Moreover, he will meet with representatives of Korean firms operating in the local U.S. market to cover investment issues and seek business support measures with Congress members. With key thinktank figures, he plans to exchange views on forward-looking measures for developing and deepening Korea-U.S. relations.   Minister Ahn remarked that “The Korea-U.S. alliance has grown closer than ever, advancing to one of economic security, advanced industries, and supply chains,” and that efforts will be made to bolster bilateral ties through continued cooperation with the U.S. DOC, DOE, and other divisions. date2024-04-11

Vice Minister chairs MOU ceremony and conference with nuclear energy firms

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on April 4 at Korea Atomic Industrial Forum (KAIF) on executing special financial assistance for stimulating investment, export competitiveness and R&D innovation for the domestic nuclear energy industry.   As follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP). date2024-04-05

Nuclear energy firms to benefit from KRW 100 bln loan fund in 2024

Trade, Industry and Energy Vice Minister Namho Choe chaired a conference with nuclear energy companies and memorandum of understanding (MOU) ceremony on executing special financial assistance for the domestic nuclear energy ecosystem on April 4 at Korea Atomic Industrial Forum (KAIF).   Part of a follow-up to the 14th Public Forum held this February, the event was hosted in the attendance of the representatives of six major banks participating in this year's KRW 100 billion nuclear ecosystem financial assistance project, as well as those from KAIF and Korea Energy Technology Evaluation and Planning (KETEP).   First, the Ministry of Trade, Industry and Energy (MOTIE) entered an MOU with banks and relevant institutions for the special financial assistance towards nuclear energy firms and agreed to cooperate on developing the program for tackling the industry’s financial challenges, information sharing, and the management and operation of business projects. Based on the consensus that fast liquidity is of utmost importance in lowering SMEs’ funding difficulties, each institution has been making swift headway in project notification, selection of project applicants, and loan appraisals. Over 34 billion won was executed in loans by the end of March, adding up to 50 billion won in April, with a total of 100 billion won to be funded within this year.   At the conference with the beneficiary companies, Vice Minister Choe listened to the nuclear energy industry representatives’ suggestions and opinions. Nuclear energy companies’ leaders spoke on how the increased work orders and financial assistance are vitalizing the industry atmosphere and suggested that the Government give continued interest and support towards SMEs and middle-market companies in the nuclear energy industry in terms of investment, R&D innovation, and export competitiveness.   Vice Minister Choe said that the Government will fully support the nuclear industry’s rebound as well as its future global performance and asked for industry players’ active participation in new investment, technological enhancement, and other means to qualitatively advance the industry. date2024-04-05

Applications now open for IPEF Climate Tech 100

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 2 that the global data platform and marketing survey company, HolonIQ, opened applications for Climate Tech 100 starting April 1, as part of an initiative to discover promising climate tech startups and connect them with global investors at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum to be held this June in Singapore.   The final ranking of the 100 climate tech companies will be revealed at the Forum, in the attendance of high-level officials of relevant governments, global investors, and multilateral development banks (MDBs). The top 100 startups' technologies are to be introduced and promoted to global investors at the Forum, while top 30 startups will be granted one-on-one matching and pitch opportunities for attracting investment.   More information is available at HolonIQ’s website (www.holoniq.com), where interested startups can sign up by April 22. date2024-04-02

Five-tier energy efficiency EV grading system now enforced in full

The Ministry of Trade, Industry and Energy (MOTIE) announced that beginning April 1, the five-tier energy efficiency grading system for electric vehicles (EVs) will be enforced in full, with all EVs (278 models) in the market to be given their respective energy efficiency grade rated on a scale of one to five, with one being the highest in efficiency.   The grading system had already been enforced on the newer EV models as of September 1 in 2023, and starting April 1 this year, all EV models, including older ones, are mandated to carry their energy efficiency grade label.   Six models landed under grade one, taking up 2.2 percent out of total, followed by 54 models classified as grade two (19.4 percent), 73 models as grade three (26.3 percent), 83 models as grade four (29.8 percent), and 62 models as grade five (22.3 percent).   Amid the recent steep climb of the number of EV registrations and registered models, the grading system is anticipated to help consumers compare EVs’ energy efficiency more easily, heightening the competitiveness of high-efficiency models.   MOTIE expects this grading system to facilitate the industry’s technological development and consumer preference towards high energy efficiency EV models. The ministry plans to analyze the EV market trends and outcomes of the grading system for further improvement. date2024-04-01

Korea’s first solar power joint utilization R&D center in full operation

Trade, Industry and Energy Ministry's Deputy Minister for Energy Policy Lee Ho-hyeon attended on March 27 in Daejeon the completion ceremony for Korea’s first solar power joint utilization R&D center equipped with a 100MW pilot line for solar photovoltaics (PV) research.   At companies’ request for a facility that would enable the testing of solar PV products prior to mass production, the joint utilization R&D center was established through joint investment of MOTIE, Daejeon Metropolitan City, and the Korea Institute of Energy Research (KIER).   The completion ceremony was attended by approximately 100 representatives of relevant industries, academia, and research institutions, including the Chairman of the Presidential Commission on Carbon Neutrality and Green Growth and Deputy Mayor of Daejeon City for Economics and Science.   The center is equipped with a cutting-edge 50MW solar cell line and a 100MW module line that enables the development and verification of cells of various structures and sizes. Companies and R&D institutions will be able to access certification service by utilizing the center’s advanced equipment for assistance in cell and module efficiency measurement, certification, and analysis. The center is also expected to enhance companies’ productivity by allowing product development and inspection without having to halt their own production lines. date2024-03-28