Ministry of Trade, Industry and Energy

Korea, Mozambique Discuss Energy

Minister of Knowledge Economy Sukwoo HONG greets his Mozambican counterpart, Minister of Mineral Resources Esperança Bias, on August 10 at the Gwacheon Government Complex. The two officials talked about ways to strengthen cooperation on industrial development and how to support mineral resources exploration projects. date2012-08-21

Korea, UAE Discuss Energy

date2012-07-06

Vice Minister Attends APEC Energy Ministerial Meeting

Vice Minister for Trade and Energy Cho Seok (sixth from left, back row) stands with energy ministers from 20 APEC member countries on June 25 in St. Petersburg, Russia. The 10th APEC Energy Ministerial Meeting focused on energy security and its role in achieving sustainable growth. date2012-07-06

Korea to Hold Nationwide Blackout Drill

The Ministry of Knowledge Economy conducted its first-ever nationwide blackout drill on June 21 to test Korea’s emergency response capabilities in the event of a summer power outage. The 20-minute drill started at 2 p.m., the time of day when demand for electricity is at its peak. MKE asked citizens to participate voluntarily in the exercise to support the nation’s energy conservation efforts. The Ministry publicized guidelines on its website and social networking sites, as well as in television and radio public service announcements. Households and office buildings were encouraged to turn off unnecessary lights and unplug small appliances and office equipment. Shopping centers and retailers joined the effort by setting air conditioners to higher temperatures and by shutting off automatic doors and air curtains. Industrial complexes adjusted their hours of operation and used their emergency power generators. Schools and other public institutions turned off the power except for essential safety equipment. During the drill, 28 pre-selected buildings in seven major cities turned off the electricity for 10 minutes to check their readiness for a power outage. Emergency response exercises were carried out at another 33 locations to determine how well subway stations, hospitals and elevator emergency crews could cope with a sudden blackout. After evaluating the outcome of the exercise, the Ministry will map out a comprehensive response plan in collaboration with other government bodies. * Released by the Electric Power Division date2012-06-25

Minister Visits Jeju Smart Grid Test Bed

Minister of Knowledge Economy Sukwoo HONG listens to a guide speak at the Jeju Smart Grid Test Bed PR Center on June 2. The center’s purpose is to promote Korea’s smart grid industry both in Korea and internationally. The Minister also test-drove an electric vehicle and used a charging station. date2012-06-13

Korea, Denmark Focus on Green Growth

Vice Minister for Industry and Technology Yoon Sang-Jick shakes hands with Danish Minister for Business and Growth Ole Sohn on May 15 in Seoul. The two officials signed a memorandum of understanding on the development of green ships at the second meeting of the Danish-Korean Green Growth Alliance. date2012-05-23

Korea, Venezuela Step Up Energy Cooperation

date2012-05-02

Vice Minister Attends Clean Energy Ministerial, Steps Up Technology Cooperation With UK

Vice Minister for Trade and Energy Cho Seok traveled to London last week to participate in the third Clean Energy Ministerial, a high-level international forum where 23 nations share ideas to promote clean energy and energy efficiency. While he was there, the Vice Minister signed a memorandum of understanding that will enhance cooperation on energy technology with the United Kingdom. Under the intergovernmental MOU, the Korean Ministry of Knowledge Economy and the UK Department for Business, Innovation and Skills will collaborate in such areas as nuclear power and renewable energy. At the same time, the Korea Wind Energy Industry Association and Renewable UK, leading industry associations in their respective countries, affirmed their intention of nurturing partnerships in the area of wind power. At the forum, Vice Minister Cho shared Korea’s green growth strategy with the other participants: plans to increase the energy efficiency rate to 47 percent and raise the proportion of energy generated from renewable sources to 11 percent of the nation’s energy mix by 2030; initiatives such as the Greenhouse Gas and Energy Target Management System and the Renewable Portfolio Standard; and greater investment in the renewable energy sector. At a roundtable discussion for representatives of the private sector, the Vice Minister stressed the role of private investment in the development of renewable energy technology. * Released by the Energy and Resources Policy Division; the Foreign Investment Promotion Division; the Energy Technology Division; and the New and Renewable Energy Division date2012-05-02

Korea Takes Action to Stabilize Domestic Oil Market

Korea announced plans yesterday to increase competition in the domestic oil market and stabilize energy prices. Four major refiners currently dominate the domestic oil market, but a fifth petroleum supplier—Samsung Total Petrochemicals—is set to gain a presence as a new supplier for Korea’s thrift gas stations. Beginning in June, Samsung Total Petrochemicals will have the opportunity to supply gasoline to Korea’s thrift gas stations; the government will also increase the number of thrift gas stations by introducing tax incentives. Korea’s gas stations are currently under pressure to purchase petroleum products from a single refiner; however, the plan will make it easier for them to do business with different suppliers. Sellers of petroleum products will also enjoy tax benefits if they participate in the new electronic spot oil trading system that the government launched in March. To invigorate trade through the system, no tariffs will be imposed on oil products imported via the system. In addition, a support center will provide one-stop administrative services including detailed information on petroleum product prices and the progress of the new measures. The government pledges to monitor oil prices closely, and to take action to alleviate the burden that high fuel costs impose on consumers. * Released by the Petroleum Division date2012-04-20

Vice Minister Speaks at Nuclear Industry Summit

Vice Minister Speaks at Nuclear Industry Summit Vice Minister for Industry and Technology Yoon Sang-Jick speaks at the 2012 Seoul Nuclear Industry Summit on March 23 in Seoul. The Summit promoted the nuclear power industry and strengthened Korea’s position in the global market. date2012-04-09