Ministry of Trade, Industry and Energy

2nd Vice Minister visits DOPCO Cheonan Terminal

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited on December 3 the Daehan Oil Pipeline Corporation (DOPCO)’s Cheonan Terminal to inspect the domestic oil shipping situation amid nationwide truckers’ union strike.   Vice Minister Park received a briefing from DOPCO President Lee Kang-mu on the terminal operation status and difficulties incurred by the union strike. He stated that “gas stations experiencing gasoline and diesel shortages are recently spreadi date2022-12-06

2nd Vice Minister visits EV charger manufacturer for safety improvement

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited EV charger manufacturer Daeyoung Chaevi in Daegu on November 30 to share safety improvement measures and gather on-site opinions.   The Vice Minister toured the charging station production line after receiving a briefing on company management from Daeyoung Chaevi CEO Jeong Min-gyo, and encouraged the employees.   date2022-12-06

2nd Vice Minister inspects winter season power supply

Trade, Industry and Energy 2nd Vice Minister Park Il-jun held an inspection meeting on winter season power supply on November 30 at KHNP’s Wolsong Nuclear Power Plant to assess institutions’ preparation progress and encouraged the Wolsong site workers to contribute to Korea’s overcoming this winter’s energy crisis.   The meeting was attended by representatives of relevant institutions, including Korea Electric Power Corporation (KEPCO) President Cheong Seung-il and date2022-12-01

Minister attends Energy Diet Supporters launching ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the Energy Diet Supporters launching ceremony on November 28 at the Korea Press Center in Seoul, held to encourage Korean citizens’ efforts to overcome the energy crisis.    Minister Lee gave an opening message and attended the Energy Diet Supporters’ pledge and the wintertime “Onmapsi Campaign” fashion show.   Approximately 200 persons attended the event both on and offline, including Korea Ch date2022-11-29

Minister holds 3rd Nuclear Exports Strategy Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 3rd Nuclear Exports Strategy Committee (hereinafter “Committee”) meeting on November 23 in Seoul. Headed by MOTIE’s Minister Lee Chang-yang and composed of 30 members from relevant ministries, financial institutions, public corporations and private sectors, the Committee was launched in August this year to function as a nuclear exports control tower for entering overseas markets and building competitiveness. In his opening remarks, Minister Lee stated that the signing of the letter of intent (LOI) and memorandum of understanding (MOU) on October 31 with Poland for its nuclear reactor project was the turning point for Korea’s nuclear reactor exports since winning the United Arab Emirates (UAE) Barakah Power Plant in 2009. He emphasized that public and private sectors must join hands to make sure they finalize the Polish project win, and further achieve their goal of exporting 10 power plants. First, Minister Lee mentioned that public and private sectors must work together for a seamless follow-up process subsequent to the Poland nuclear cooperation deal. To Korea Hydro & Nuclear Power (KHNP), he requested that they collaborate with the top companies of each field to draw up the nuclear power plant development plan that is most optimized for Poland. Relevant ministries are to cooperate with the Polish government via establishing local safety regulations and training up specialized manpower to enable Poland to swiftly introduce Korea’s nuclear power facilities. As for uncertainties and risk factors including recent financial market concerns, the Minister requested that a public-private financial cooperation system be established for safe procurement of funds.   Second, with regard to exports of nuclear power plant materials and equipment, the Minister stressed that second and third success cases of nuclear reactor exports must succeed the El Dabaa nuclear power plant project. Recently, countries with nuclear power plants are expanding investments in materials and equipment, such as renovation of old plants and installation of safety facilities. Exporting materials and equipment is important in itself, but it can also be a good stepping stone to new project opportunities. In this sense, Minister Lee called for a creative bid strategy that raises Korea’s win probability, based on a comprehensive assessment of bid trends, competition and business model.   This third meeting had three items on the agenda: 1) follow-up measures for Poland nuclear power plant cooperation, 2) exports of nuclear power plant materials and equipment, and 3) integrated support for nuclear power plant exports to the Czech Republic and Poland. One, discussions regarding the Poland power plant project centered on the APR1400-based upcoming development schedule and future plans. MOTIE urged that relevant ministries promptly begin assessment of financial procurement and nuclear reactor licensing process. Second, Committee members discussed business environment and viable strategies with respect to Romania and other countries, where major materials and equipment project bids are opening. KHNP is planning to place 20 orders on materials and equipment tied to the El Daaba project within this year and open a project office in January 2023. MOTIE will take into consideration the recent progress, such as the LOI with Poland, in the process of designing supplementary measures for supporting nuclear power plant exports to the Czech Republic and Poland. This will involve a detailed planning in defense, energy and infrastructure for the joint projects Korea has engaged in with these two countries. MOTIE also will step up its efforts in seeking new joint projects in view of the broader cooperation prospects with the Czech Republic, as final bid award is now only a year away.   With the Nuclear E date2022-11-28

2nd Vice Minister attends Design Korea 2022

Trade, Industry and Energy 2nd Vice Minister Park Il-Jun attended the opening ceremony of Design Korea 2022 held on November 23 under the theme of “Mega Impact Design Trends 2023 & Beyond” and awarded 51 medals and orders of merit to contributors to Korea’s design competitiveness advancement.   Vice Minister Park gave a congratulatory message after attending the ribbon cutting ceremony and touring the exhibition booths, then awarded 51 awardees medals and orders of m date2022-11-28

2nd Vice Minister attends Construction Vision Forum seminar

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the 219th International Seminar of the Construction Vision Forum on November 23 in Seoul to discuss the “current status of nuclear power in the UK and plans for Korea-UK cooperation.”   The 2nd Vice Minister stated in his congratulatory message that he looked forward to seeing “Korea-UK nuclear power cooperation expand” and called for the two countries' closer private sector collaboration regarding U date2022-11-25

Minister attends 3rd Nuclear Energy Exports Strategy Committee meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the 3rd Nuclear Energy Exports Strategy Committee on November 23, held to seek expansion of Korea’s nuclear power plant and related industries’ market presence abroad and boost competitiveness.   Minister Lee gave opening remarks and facilitated discussions on follow-up measures to the nuclear reactor MOU signed with Poland, equipment and materials exports project, and integrating support for nuclear energy exports to date2022-11-25

2nd Vice Minister attends K-Recycling Alliance Launch Ceremony

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the K-Recycling Alliance Launch Ceremony on November 18 in Seoul held for stabilization of critical minerals supply chain, where he gave a congratulatory message and attended the MOU signing ceremony for public-private joint recycling institutions’ cooperation initiative.   The event was attended by representatives of relevant organizations, including Hwang Kyu-yeon, President of Korea Mine Rehabilitation and Mineral date2022-11-22

2nd Vice Minister attends Yeosu GS Caltex MFC Plant completion ceremony

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the Yeosu GS Caltex olefin mixed feed cracker (MFC) plant completion ceremony on November 11 and congratulated the successful construction.   Vice Minister Park stated in his congratulatory message that “by this plant completion, GS Caltex has grown from being a conventional oil refinery to an international energy enterprise with growth engine for the future” and added that “amid surging oil, gas and globa date2022-11-15