Ministry of Trade, Industry and Energy

South Korea and Turkey Hold Energy Cooperation Forum

November 25, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced that South Korea and Turkey held an energy forum in Ankara, Turkey today to promote energy cooperation between the two countries. The South Korean delegation included representatives of public energy agencies such as Korea Energy Economics Institute (KEEI), Korea South East Power (KOSEP) and Korea Electric Power Corporation (KEPCO) and private organizations such as the Korea Chamber of Commerce & Industry (KCCI), SK Engineering & Construction (SK E&C) and Doosan Heavy Industries & Construction. The forum follows up on the free trade agreement (FTA) between South Korea and Turkey, which entered into effect in May 2013, and the agreement on the service and investment sectors that was initiated in September 2014. At the forum, the representatives not only discussed energy such as thermal power generation but also covered other related areas such as plant construction among the many areas of cooperation under the bilateral FTA. In his remarks, Kim Chang-gyu, Deputy Director General for Trade Policy at MOTIE, stressed that Turkey is an attractive investment destination, with abundant energy cooperation opportunities for South Korea. After their visit to Turkey, the South Korean delegation visited Bulgaria, and the representatives attended a business cooperation forum between South Korea and Bulgaria to discuss bilateral industrial and energy cooperation. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Gas pipelines older than 10 years are subject to mandatory inspection

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 24 that it's implementing the Integrity Management Program for Gas Distribution Pipeline due to the reasons that 42.1 percent of the gas pipelines are in the urban areas, and 76.4 percent of them are prone to accident since they're more than 10 years old.     According to the program, gas suppliers will be required to inspect the high pressure pipelines in urban areas that are older than 10 years, and government agencies will check and evaluate the inspection.     Liquefied petroleum gas tanks will also be subject to history management system starting from 2016. It will be done by attaching an RFID to the LP gas tanks to manage the entire manufacturing, sales and inspection processes, and provide information to consumers.     MOTIE expects that implementing this system can reduce LP gas-related accidents by 75.6 percent, and save 72 billion won ($ 63 million) on safety costs.     In addition to this, rubber hoses in LP gas facilities will be replaced with metal pipes, and more timer corks will be supplied to automatically cut off the gas after a set period of time.     * Short version date2014-12-24

Korean students to work as interns at Emirates Nuclear Energy Corporation

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 23 that starting from January next year, Korean students will work as interns at Emirates Nuclear Energy Corporation (ENEC) for eight weeks.     During this period, they'll learn the operation of nuclear power plants by working with the ENEC staff of various nationalities.     At the same time, ENEC will start hiring Korean college graduates.     In return, 30 college students in the UAE will work as interns at Korea Hydro & Nuclear Power Co., LTD (KHNP) and other nuclear power-related agencies in Korea.     * Short version date2014-12-23

Korean national gas services see improved scores in assessments

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 22 that after conducting an assessment of services provided by 33 city gas companies throughout the country, it has found that the number of "Excellent" companies has increased from 1 to 7 last year, and the number of "Unsatisfactory" companies has decreased from 10 to 4.     Their average score has also increased from 74.7 to 82.6.     Some of the exemplary cases include one of the gas companies' development and distribution of mobile apps for self-inspection and gas bills for the convenience of gas users, while another company reduced the time of response to complaints by having its employees manage the complaints on a real-time basis.     MOTIE encourages competition between companies and improvement of services by showing the assessment results every year.     * Short version date2014-12-22

MOTIE Will Create Six New Energy Businesses and Over 10,000 Jobs by 2017

The six new energy businesses are as follows: ● Demand Response business: Implement energy saving systems for businesses in their buildings and plants, collecting unused power for profitable sale in the energy market.  ● Integrated energy management service business: Build ESS, EMS and LED systems combining finance, insurance and energy management technology, and provide maintenance services.  ● Independent micro-grid business: On islands with a high unit price for power generation, replace diesel generators with a hybrid micro-grid combining new and renewable energy with ESS. ● PV rental business: Rent PV systems such as water purifiers to households, generating profit through energy savings. ● Electric vehicle servicing and charging business: Install systems and provide charging for electric car service providers including electric taxi service providers. ● Business using waste heat from thermal power plants: Make use of the massive waste heat from thermal power plants on adjacent farms. date2014-07-18

Ministry of Trade, Industry & Energy (MOTIE) to Hold the Fifth Clean Energy Ministerial

The discussions will focus on identifying smart policies, programs, and innovative strategies to increase energy efficiency, enhance clean energy supply, and expand energy access. It is expected that new commitments to advance those goals from governments and from the year-round work that has taken place through some of the 13 CEM initiatives will also be announced at the end of the two days. “The Clean Energy Ministerial is a meeting where the world’s 23 leading countries in new energy technologies discuss concrete action, not just debating about expanding the supply of clean energy and improving energy efficiency,” Minister Yoon Sang-jick said before the meeting. “Every year, we review the performance of each initiative, form partnerships among participating members and focus on implementing actual substantive results. Since Korea’s appointment as Secretariat of the International Smart Grid Action Network in 2011, we have played a leading role in systems development and supply expansion and will share the results of our activities at CEM5,” the minister said. CEM5 will bring together ministers from 23 participating governments and 3 international organizations. The 23 participating countries are Australia, Brazil, Canada, China, Denmark, the European Commission, Finland, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Norway, Russia, South Africa, Spain, Sweden, the UAE, England, and the US. Other organizations taking part are the International Energy Agency (IEA), the International Partnership for Energy Efficiency Cooperation (IPEEC), and the International Renewable Energy Agency (IREA). This year’s CEM is the fifth to be held since US Secretary of Energy Steven Chu first announced at the United Nations Framework Convention on Climate Change (UNFCCC) conference of parties in Copenhagen in December 2009 that he would host the 1st Clean Energy Ministerial to bring together ministers responsible for clean energy technology from the world’s major economies. The CEM is the only regular meeting of energy ministers discuss and access progress and guide work under clean energy initiatives. * CEM host nations: 1st (US), 2nd (UAE), 3rd (UK), 4th (India), 5th (Korea), 6th (Mexico) * Smart grid: Next-generation power grid that enables energy conservation, new &amp; renewable energy supply and electric vehicle operation by combining IT with existing power grids for two-way exchange of real-time, power-related information between providers and users MOTIE is a government ministry in charge of policy related to commerce, trade, industry, resources, and energy. The ministry has a 1st Vice Minister who is responsible for industry and technology and a 2nd Vice Minister in charge of trade and energy. Their offices oversee the Office of Planning and Coordination, the Office of International Trade and Investment, the Office of Industrial Policy, the Office of Industrial Foundation, the Office of FTA Negotiations and the Office of Energy and Resources. Minister Yoon Sang-jick was formerly the 1st Vice Minister of the Ministry of Knowledge Economy and has been leading MOTIE since 2013. Source: MOTIE Homepage: http://www.motie.go.kr • Media Contact Information: Mi Jeong HAN (FCA, PR Agency) <a target="_blank" class="pdf" href="http://english.motie.go.kr/wp-content/uploads/2014/10/Ministry-of-Trade-Industry-Energy-MOTIE-to-Hold-th date2014-05-08

Northeast Asian Oil Hub Development Plan

As oil trade should be activated first, after which traders should be attracted and the financial infrastructure expanded to successfully develop the Oil Hub, this Plan focuses on the measures to solve the issues of and improve the current system, which has disturbed the activation of oil trade. First, oil refining facilities will be turned into bonded factories to streamline taxation and tax refund procedures, and the regulations on the processing and transportation of bonded cargo will be eased. In addition, regulations on blending or other activities will be eased so that oil products can be mixed or processed into high value-added products with additives. In addition, measures to develop the oil and logistics hub into a financial hub are also included to the plan, including improvement of the financial infrastructure and tax incentives geared toward attracting oil traders to Korea based on future activation of trade. Types of oil trade include direct trade for consumption, brokered trade through traders and the trading of derivatives through financial organizations. Direct trade refers to transactions in which a consumer directly purchases a volume of oil from a crude oil producer or an oil product manufacturer for actual consumption. A brokered trade is a transaction made through an oil trader to gain margin by taking advantage of oil price gaps, between oil types or between regions. A trade of derivatives is a transaction that does not involve logistical transactions. The oil to be supplied in the future or the right (option) to purchase or sell oil under a specific condition are traded. The period and the background of development varies, but the US Gulf Coast, ARA in Europe and Singapore are recognized as three major oil hubs. The US Gulf Coast and ARA, Europe, have been naturally developed over the long term, with large-sized oil production sites and storage facilities built adjacent to locations of consumers as centers. Meanwhile, Singapore has rapidly emerged as an oil hub of Asia in a relatively short period of time, thanks to the government’s clear vision and strategic setting of targets. As Singapore has lost its power due to the rapid growth of oil trade volumes in Northeast Asia, the demand for a new oil hub in Northeast Asia has been constantly increasing. Korea is most favorably situated to be an oil hub of Northeast Asia, considering its geopolitical location, the world-class refinery plants, its deep sea and its ideal port conditions. Ulsan, as the world’s No. 4 liquid terminal following Houston (US), ARA (Europe) and Singapore, has already secured the ideal conditions to grow into an oil hub. Accordingly, Korea will activate oil trade by easing regulations, and t date2014-03-13

Korea and UAE Conclude MOU for Cooperation in the Energy Sector

Minister of Industry, Trade and Energy Sang-Jik Yoon took part in a ceremony to sign the Korea-UAE MOU for Energy Cooperation with the UAE’s Minister of Energy Suhail bin Mohammed Al- Mazrouei at the Government Building in Seoul in Sejong-no, Jongno-gu, Seoul, at 10:00, February 28, 2014 (Fri). H. H. Sheikh Mohamed bin Zayed Al Nahyan of Abu Dhabi and Prime Minister Hong-Won Jeong attended the ceremony for the signing of the MOU, which aims to foster experts in energy and promote cooperation for joint advancements into the energy markets of third countries. date2014-03-05

Minister Welcomes Asian Energy Ministers

Minister of Trade, Energy and Industry Yoon Sang-jick delivers welcoming remarks on the occasion of the 5th Asian Ministerial Energy Roundtable on September 11 in Seoul. The event, aimed at establishing a cooperation network between oil producing nations and consumers, was attended by 31 energy ministers and around 150 industry leaders. date2013-09-13

Minister Meets with UAE Energy Minister

Minister of Trade, Industry and Energy Yoon Sang-jick met with his UAE counterpart Minister of Energy Suhail bin Mohammed Al-Mazrouei on September 11 in Seoul. The two officials shared views on bilateral cooperation in the areas of energy, resources and economy. &nbsp; date2013-09-12