Ministry of Trade, Industry and Energy

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

Korea, Vietnam Discuss Energy

Korea, Vietnam Discuss Energy 2012/04/09 Minister of Knowledge Economy Sukwoo HONG sits with his Vietnamese counterpart, Minister of Industry and Trade Vu Huy Hoang, on March 26 in Seoul. The two officials discussed ways to strengthen bilateral cooperation on energy and resources. date2012-04-09

Korea Hosts Green Energy Expo

Vice Minister for Trade and Energy Cho Seok stands with other leaders to mark the opening of the International Green Energy Expo and Conference in Daegu on March 28. The fair drew more than 100 government officials and CEOs from related industries. date2012-04-09

Vice Minister Meets With Qatari Energy Minister

date2012-03-15

Korea, Australia Hold Talks on Energy Cooperation

Korea and Australia shared information on energy policy and strengthened bilateral ties on energy and mineral resources last week. Oil, LNG and uranium were among the major discussion topics at the 26th annual meeting of the Joint Committee on Energy and Mineral Resources Consultations and Cooperation on February 22 in Seoul. Ms. Tania Constable, the head of the Resources Division within Australia’s Department of Resources, Energy and Tourism, led a 33-member Australian delegation that represented 19 institutions. Korea expressed its intention to import more Australian LNG and step up its efforts to help Australia develop its offshore oil fields. To promote the development of the clean and renewable energy sectors, the two countries also pledged to carry out joint research and personnel exchanges. As a country with abundant natural resources and a stable investment environment, Australia is one of Korea’s most important investment partners. Australia supplied 41.7 percent of the mineral resources Korea imported in 2010. As of June 2011 Korea had invested $2.84 billion in mineral resources in Australia, and Australia accounted for 30.4 percent of Korea’s investments in overseas mineral resources. * Released by the Southeast Asia and Oceania Division date2012-02-27

Korea, UAE Discuss Nuclear Energy

date2012-01-20

Korea Opens First Discount Gas Station

date2012-01-04