Tag: South Korea

Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.

According to Nikkei, Mitsubishi Heavy Industries, the Japanese conglomerate, is in talks to sell its Koyagi plant, the main one of two located in Nagasaki, to Oshima Shipbuilding, the country's third-largest shipbuilder based in Saikai, Nagasaki Prefecture.

Kitack Lim, secretary-general of the IMO will remain in his post, as the Council approved his renewal and re-elected him. Meaning that Kitack Lim will serve the IMO for the four following years, until 2023.

The Competition and Consumer Commission of Singapore (CCCS) expressed concerns over the proposed merger between two South Korean shipbuilding giants, DSME and KSOE, part of Hyundai Heavy, noting that this could remove competition between two main suppliers of LNG carriers to the detriment of customers in Singapore.

Japan and South Korea and have reached an agreement to discuss their current trade war in December, with a preparatory meeting due to be held in Vienna in the week to come. In a statement, South Korea's Ministry of Trade, Industry and Energy highlighted that "During the December meeting, the two countries plan to exchange opinions on various domestic and external situations related to export control."

A new special prosecution unit raided multiple offices of the Korea Coast Guard with the aim to find evidence in regards to the sinking of the ferry Sewol in 2014, which claimed the lives of 304 people. The raids are said to be part of the latest in a long series of investigations into the loss of the ferry Sewol.  It was reported that the raids recovered personnel records listing the names of the first responders on the day of the sinking, as well as other documents related to the accident. 

Houthi rebel forces released two Korean vessels and one Saudi tug that they had captured near Hodeidah earlier this week, after South Korea deployed a destroyer and called for American assistance. Earlier this week, a spokesman for the Saudi-led coalition backing the Yemeni government reported that Houthi rebels boarded a tug off the coast of Hodeidah and sources said that the tug has been brought to the Houthi-controlled seaport of Salif, just north of Hodeidah.

Yonhap reported that the Sewol sinking incident is again being investigated to determine the cause and probe any mishandling of the former conservative government's rescue operations, according to the Supreme Prosecutors Office.

According to Yonhap news agency, in October, South Korea regained its first position in global shipbuilding orders, followed from the country's dominance in the LNG carrier sector. This is the first time in 2019 that South Korea signed over 1 million CGTs in monthly orders.

DNV GL conducted a research on power failure investigation, following a fire at a large-scale South Korean energy storage facility, urging facility developers and operators to focus more on monitoring and prevention systems. DNV GL will conduct a follow-up assessment which will present criteria for bankability and validating remaining functionality of batteries after a fire.