Ministry of Trade, Industry and Energy

MOTIE 2nd Vice Minister Moon Speaks on Future of Global LNG Market

    MOTIE's 2nd Vice Minister Moon Jae-do gave a speech at the LNG Producer-Consumer Conference 2015 held in Tokyo, Japan, last week, which about 1,000 participants from 50 countries attended.   In the speech, the South Korean vice minister discussed how producing and consuming countries of liquefied natural gas (LNG) should cooperate to stimulate the global LNG market in the era of low oil prices. date2015-09-21

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession   South Korea celebrated the first delivery of 500,000 barrels of Murban crude from Abu Dhabi's new onshore oil concession to the southern port of Yeosu last week.   It's the first batch of the crude produced from the United Arab Emirates (UAE)'s prime onshore concession participated in by GS Energy Corp., a unit of the Korean conglomerate GS Group.   Moon Jae-do, second vice minister for trade, date2015-08-04

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015   □ The volume of South Korea's total electricity sales increased by 1.6 percent from a year earlier in the second quarter of 2015. ㅇ The overall electricity consumption increased, and in particular, the volume of electricity used for agriculture skyrocketed. This was mainly caused by a rise in the use of water lift pumps due to seasonal droughts. The volume of electricity sales for industrial use edged up by 0 date2015-07-30

A community solar power generator to be built for the first time on an apartment building

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 10 that a community solar power generator is built on an apartment building for the first time in Korea. It's the Hyundai Apartment in Shindaebang-dong in Seoul.     A 100kW solar power generator is installed on the building to generate enough electricity to run the elevators and hallway lights for a total of 880 households.     As a result, the community power bill will go down from 3.81 million won ($3,400) to 530,000 won. However, since the cost of renting the solar power generator is 2.48 million won a month, the actual money saved is around 800,000 won.     Rental solar power generators for individuals have been available since last year, and the business has expanded this year to include apartment buildings and duplexes. Starting with the Hyundai Apartment in Shindaebang-dong this year, the service provider plans to install solar power generators at 5 or 6 more apartment complexes by the end of this year.     The MOTIE plans to supply solar power generators to a total of 25,000 households by 2017.     * Short version date2015-07-10

South Korea to Cut Gas Emissions by 37% from BAU Levels by 2030

      South Korea, one of the world's top 10 carbon producers, has finalized its target of reducing greenhouse gas emissions by 37 percent from business-as-usual (BAU) levels by 2030, the Ministry of Trade, Industry and Energy (MOTIE) said in a joint statement with other relevant ministries.   "We decided to raise the target from the reduction scenarios, considering our leadership on climate change such as inviting the GCF (Green Climate Fund), our global responsibility, and the opportunity to develop energy-related new businesses and innovate the manufacturing sector," the statement said.   Earlier this month, the Korean government outlined four scenarios for the country's emissions target ranging from 14.7 percent to 31.3 percent, and said a final rate would be set after holding a public hearing.   The final target will be submitted to the United Nations (UN) today, which is expected to produce a global framework for carbon emissions reduction from 2020 to 2030 at its year-end meeting in December in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE this month.   date2015-07-01

MOTIE Minister Yoon Expresses High Hopes for Importing More U.S. Shale Gas

      MOTIE Minister Yoon Sang-jick expressed high hopes for importing more U.S. shale gas in his opening speech at the Republic of Korea-U.S. Business Forum in Houston yesterday.   The two countries can forge a win-win partnership if the U.S. utilizes Korea as a Northeast Asia trading hub for liquefied natural gas (LNG), taking advantage of the world's biggest LNG terminal infrastructure, Minister Yoon said.   About 200 business leaders from Korea and the U.S. attended the forum, including Greater Houston Partnership President and CEO Bob Harvey and Houston's Chief Development Officer Andy Icken. date2015-06-19

The first investment conference to be held for new energy industry

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that it held the first investment conference on the same day at the Palace Hotel Seoul and announced the South Korean government's policies and plan for the new energy industry.     MOTIE plans to attract private investors to some of the promising SME's and major projects through the investment conferences for the new energy industry.     The Korean government has been promoting the new energy industry si date2015-06-17

South Korea Prepares 4 Scenarios for Greenhouse Gas Reduction by 2030

        South Korea, one of the world's top 10 carbon producers, has prepared four scenarios to set a target for reducing greenhouse gas emissions from 2020 to 2030, the Ministry of Trade, Industry and Energy (MOTIE) said yesterday.   As part of global efforts to reduce carbon emissions, the scenarios aim to cut emissions from 14.7 percent up to 31.3 percent relative to the country's business-as-usual (BAU) levels, the ministry said in a joint statement with other relevant ministries.   The Korean government plans to submit the finalized option to the United Nations (UN) by the end of this month, which is expected to produce a global framework for carbon emissions reduction at its year-end meeting in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE earlier this week.           date2015-06-12

MOTIE 2nd Vice Minister Moon Advocates S. Korea's New Energy Policy at CEM6

  The MOTIE's 2nd Vice Minister Moon Jae-do attended the sixth Clean Energy Ministerial (CEM6) held in Merida, Mexico, from May 27 to 28.   During the two-day event, the vice minister advocated South Korea's new policy for energy-related new industries as a shining example of how to tackle energy problems.   VM Moon and other world energy leaders also announced ambitious actions to accelerate the global transition to clean energy.   To find more information about the outcomes of CEM6, please visit its website at   South Korea hosted the fifth CEM last year. The United States will host CEM7 in 2016, and China intends to host CEM8 in 2017. date2015-05-29

MOTIE Launches Battery Lease Service For Electric Cars in Jeju Island

      The Ministry of Trade, Industry and Energy (MOTIE) launched a battery lease service in Jeju Island this week as part of its efforts to develop energy-related new industries.   The new service would help the island's bus, taxi and rental car companies purchase electric vehicles more cheaply without batteries, which they can lease in payments over time with the money earned from saved fuel costs.   The ministry expects the battery lease service to bring about 119 electric buses and 1,000 electric taxi and rental cars over the next three years to South Korea's southernmost resort island. date2015-05-28