Samsung C&T Corp., a South Korean trading firm, said Wednesday it has inked a deal to join a $5 billion project to build a coal-powered plant and a carbon capture and storage facility in Britain.Under the joint development agreement with London-based 2Co Energy Ltd., Samsung C&T will build a 900 megawatt coal gasification plant and a carbon capture and storage facility at Stainforth in South Yorkshire.The agreement allows Samsung C&T to own 15 percent of the so-called Don Valley Power project, a

The presidential office must be on edge as it faces two high-profile investigations at the same time. One concerns the cyberattack last October on the website of the National Election Commission while the other is about illegal surveillance of a civilian.On Monday, an independent counsel started a probe into the NEC website attack that took place on Oct. 26, the day Seoul mayoral by-election was held. A massive distributed denial-of-service attack brought the election watchdog’s website down, ma

The Korea Gas Corp. has detected another deposit of natural gas off the coast of Mozambique with a potential supply sufficient for the country’s needs for eight months, the government said Monday. The reserve was found at one of four wells in an offshore block in northern Mozambique waters and predicted to possess 10 trillion cubic feet of gas, according to the Ministry of Knowledge Economy. Eni S.p.A. of Italy holds a 70 percent stake in the project. KOGAS, Portugal’s Galp Energia and Mozambiqu

Perched atop the Gangnam Finance Center, Canada’s Pacific gateway office headed by Kim Kyung-suk acts as a connecting point between business leaders from Korea and Canada.The Canadian west coast province of British Columbia offers the shortest transportation routes from Korea to North America, explained Managing Director Kim of the B.C. International Trade and Investment Office.Because of its 58-hour shipping transport lead over other west coast North American ports, British Columbia has positio

State-run Korea Gas Corp. said Thursday that its fourth-quarter earnings more than doubled from a year earlier due to increased sales and higher prices of refined energy products.Net profit reached 94.7 billion won ($84 million) in the October-December period, compared with earnings of 45.2 billion won tallied a year earlier, the company said in a regulatory filing.Sales jumped 34.6 percent to 8.7 trillion won during the cited period, with operating profit climbing 53.2 percent to 362.1 billion

Daily output expected to reach 3,200 tons of natural gas off East AfricaThe Korea Gas Corp. has found an additional reserve of natural gas in waters off Mozambique with a potential quantity enough to supply Koreans for six months, the government said Wednesday. The state-run energy firm, together with co-developers, detected another pool with up to 7.5 trillion cubic feet of natural gas from the East African offshore block, the Ministry of Knowledge Economy said. The latest discovery thus raised

Investment chief expects closer relations in energy, food and marine resort sectorsTrade volume between Korea and Australia has soared to more than $27 billion since the two countries established diplomatic relations five decades ago. Korea now is Australia’s third-largest trading partner.At the forefront of that relationship is Queensland Government Trade and Investment Office, which is responsible for attracting business between Korea and one of Australia’s most important trading states.Korea’

Investment chief expects closer relations in energy, food and marine resort sectorsTrade volume between Korea and Australia has soared to more than $27 billion since the two countries established diplomatic relations five decades ago. Korea now is Australia’s third-largest trading partner.At the forefront of that relationship is Queensland Government Trade and Investment Office, which is responsible for attracting business between Korea and one of Australia’s most important trading states.Korea’

Korea Gas Corporation received a presidential honor for human resource development at the annual Korea National Quality Award ceremony last week. Companies and persons who have greatly contributed toward improving quality, reducing costs and raising productivity in industry have been awarded at the ceremony hosted by the Ministry of Knowledge Economy and the Korean Standards Association each year since 1975. About 1,700 people including Prime Minister Kim Hwang-sik, chief of the parliamentary co

State-run Korea Gas Corp. (KOGAS) said Tuesday that its third-quarter loss widened from a year earlier mainly due to increased fuel costs and a weak local currency.Net loss reached 342 billion won ($298 million) in the July-September period, compared with a loss of 121 billion won a year earlier, the company said in a regulatory filing.Sales surged 24 percent to 5.06 trillion won over the cited period. KOGAS suffered an operating loss of 127 billion won in the third quarter, widening from an ope

President Lee Myung-bak and Russian President Dmitry Medvedev reaffirmed their commitment to cooperate on a project to pipe Siberian natural gas to South Korea via North Korea during their summit Wednesday in St. Petersburg.“The two leaders agreed that if carried out successfully, the project to import Russian natural gas will bring economic benefits to all three countries,” Lee’s office said in a press release.Noting that there are concerns over the stability of the pipeline running through Nor

President Lee Myung-bak and Russian President Dmitry Medvedev agreed during their summit talks Wednesday in St. Petersburg to closely cooperate to pipe Siberian natural gas to South Korea via North Korea. “The two leaders agreed that if carried out successfully, the project to import Russian natural gas will bring economic benefits for all three countries,” Lee’s office said in a press release.Korea and Russia reached a tentative agreement to start building a pipeline through North Korea in 2013

The state-run Korea Gas Corp. said Thursday it has discovered a natural gas deposit off the coast of Mozambique with a supply sufficient for the country’s needs for a year.The deposit was found at one of four wells in an offshore block in northern Mozambique waters and estimated to hold 15 trillion

The Korea Trade-Investment Promotion Agency and the Korea Gas Corp. signed a memorandum of understanding with the Inter-America Development Bank to better access natural gas abundant in the Latin American region, Luis Albert Moreno, president of IDB said Thursday in Seoul. “Korea Gas Corp. probably

Korea, Russia far from rough draft, with possible N.K. shutdown of pipeline a thorny issueTalks on pumping Siberian gas through North Korea to South Korea are unlikely to see any immediate breakthroughs, according to the Korean company that signed a preliminary deal in 2008.Korea Gas Corp. and Russi