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Energy
Anchor project for carbon neutrality forecast to annually reduce 70,000 tCO2eq of GHG
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 30 that three more companies have been added to the list of SMEs and middle-market firms leading in the area of carbon neutrality, raising their total number to 12. These 12 companies are forecast to reduce an estimated annual 70,000 tCO2eq of greenhouse gases (GHGs) through a KRW 67.8 billion investment in new facility and equipment. For firms in carbon-intensive industries making leading efforts to reduce GHG emissions, the Korean government is providing support in terms of state funding up to 40 percent (maximum of 3 billion won over two years) of the expenses needed to make improvements in processes, equipment replacement, and facility expansion. On April 30, MOTIE held a performance exchange meeting at AJU Steel’s Gimcheon Plant, a firm that is currently replacing its equipment with low emissions systems and equipment, along with the 12 companies selected for anchor projects in plant establishment support for carbon neutrality. Prior to the exchange meeting, attendees were able to experience firsthand the application technologies for carbon neutrality AJU Steel is introducing to its production site, such as automation systems for process optimization and convergence systems for plating and coating. At the meeting, five firms that completed establishing their respective low-carbon systems shared emissions reduction outcomes and business knowhow to other firms. These twelve companies’ outcomes will be updated via reports and videos through the Korea National Cleaner Production Center (KNCPC) YouTube channel and website (www.kncpc.or.kr). Moreover, the World Climate Industry EXPO slated for September this year in Busan will also promote the content to other companies, experts, and general public. date2024-05-02
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Energy
Minister meets Saudi Energy Minister
Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi energy minister Abdulaziz bin Salman on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral energy cooperation. date2024-04-30
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Energy
Trade Minister meets SCA Chairman
Minister for Trade Inkyo Cheong met Egypt’s Suez Canal Authority (SCA) Chairman and Managing Director Osama Rabie on April 25 at the Lotte Hotel Seoul and discussed measures for strengthening bilateral cooperation in offshore logistics and Egypt’s “Green Canal 2030.” date2024-04-26
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Energy
Trade Minister and Egypt's SCA Chairman discuss green logistics cooperation
Minister for Trade Inkyo Cheong met Egypt’s Suez Canal Authority (SCA) Chairman and Managing Director Osama Rabie on April 25 at the Lotte Hotel Seoul and discussed measures for strengthening bilateral cooperation in offshore logistics and Egypt’s “Green Canal 2030.” Trade Minister Cheong stated that the project for establishing green energy infrastructure for the Suez Canal is underway through industrial and energy official development assistance (ODA) by Korea Institute for Advancement of Technology (KIAT) for backing the Green Canal 2030 strategy by assisting ships’ low carbon transition and reducing greenhouse gas emissions (GHGs). SCA Chairman Rabie noted that Korea’s contribution to the Suez Canal development has been substantial, particularly with respect to technology talent training, and expressed hopes of deepening bilateral cooperation in nurturing Egypt’s shipbuilding, port, and marine industries on this occasion. Mentioning the Korea-Africa Summit 2024 slated for June this year in Seoul, Korea’s trade chief asked for Egypt’s active participation and cooperation in the related business summit event, and requested support for emergency situations and safe passing of Korean ships that need to inevitably transit the Suez Canal. date2024-04-25
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Energy
Minister Ahn meets Romania's energy minister
Trade, Industry and Energy Minister Dukgeun Ahn met with Romania’s Energy Minister Sebastian Burduja on April 23 in Seoul and discussed bilateral nuclear and energy cooperation. date2024-04-24
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Energy
Korea and Romania to further nuclear and energy cooperation
Trade, Industry and Energy Minister Dukgeun Ahn met with Romania’s Energy Minister Sebastian Burduja on April 23 on the occasion of the Romanian President Klaus Iohannis’ state visit to Korea and signed the memorandum of understanding (MOU) on bilateral nuclear energy cooperation in the presence of the two countries’ presidents. The MOU designates the following as the core cooperation areas for Korea and Romania: nuclear equipment improvement; safety equipment; materials and equipment supply chain; nuclear fuel; small modular reactors (SMRs); and radioactive waste management. The two sides as will be installing a public-private nuclear industry dialogue channel as well. With the basis for mid-to-long term cooperation laid down at the governmental level, it is anticipated that discussions for collaboration across a wide range of areas will accelerate in the future. The two ministers shared their respective energy policies and measures for stronger energy cooperation, agreeing to give full support towards the successful completion of the tritium removal facility project Korea Hydro Nuclear Power (KHNP) won in June 2023. They also decided to further expand the scope of nuclear cooperation to cover Cernavoda nuclear power plant Unit 1 facility improvement and nuclear fuel supply chain issues. The two countries will be holding a nuclear industry dialogue within this year as part of swift follow-up measures to the bilateral summit talks. date2024-04-24
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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
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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. 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
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Energy
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
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Energy
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 the Carbon-Free Energy Era with Climate Tech” 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