[THE INVESTOR] Doosan Heavy Industries and Construction is a step closer to taking part in the Fadhili power plant project in Saudi Arabia, local news outlets reported on July 25. According to reports, Saudi Arabia’s state-run oil company Saudi Aramco and Saudi Electricity Company signed on the consortium led by France’s Engie, which includes Doosan as the engineering, procurement and construction partner, for the project. Doosan, however, will need to sign a contract with Engie for the deal to

[THE INVESTOR] Korean Air, a Hanjin Group affiliate, is likely to help raise liquidity of up to 700 billion won (US$615.22 million) for ailing Hanjin Shipping, according to industry sources on July 25.Hanjiin Shipping -- the world’s seventh-largest shipping line -- is required to hand in plans for raising up to 1.1 trillion won to its main creditor bank, the state-run Korea Development Bank, by the end of this month. A large part will have to come from Korean Air, which had initially offered to

[THE INVESTOR] The constitutionality of the new antigraft law is to be decided on July 28, the Constitutional Court of Korea said on July 25. The so called “Kim Young-ran Act” is set to go into effect in September, and will impose penalties for receiving gifts or entertainment on a wide range of professions. As the act currently stands, staff of news organizations and private schools are subjected to the act. The inclusion of journalists and private school staff has been met with criticism and r

[THE INVESTOR] South Korean shipbuilders are likely to see a profit downturn in the second quarter of the year, hit by the ongoing industry-wide restructuring. Local securities said the nation’s largest three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- will record lackluster quarterly revenues.  DSME headquater in Seoul / The InvestorHyundai Heavy Industries, scheduled to announce its earnings on July 27, is forecast to post an

[THE INVESTOR] The  Korean government invested 18.87 trillion won (US$16.6 billion) for research and development in 2015, according to the Ministry of Science, ICT and Future Planning. An analysis report released on July 25 showed that 54,433 projects were financed for 639 national R&D programs, a 7 percent increase from 2014. The Science Ministry provided the largest fund of 6.5 trillion won followed by the Ministry of Trade, Industry and Energy (3.4 trillion won), Defense Acquisition Program A

[THE INVESTOR] CJ Korea Express signed an agreement on July 25 with Incheon International Airport to build an express delivery center in the airport’s logistics complex.It will invest 24.9 billion won (US$21.89 million) and build a 21,157m² center that will start operating in the latter half of 2017. It is “a preemptive measure to process the fast-increasing volume of express parcels, especially from and to China and Southeast Asia,” said Park Geun-tae, CEO of the logistics arm of South Korean c

[THE INVESTOR] LG Chem announced on July 25 that it will build the country’s largest elastomer plant by 2018.According to the plans, the company will inject 400 billion won (US$351.79 million) into building an elastomer production facility at its plant in Seosan, South Chungcheong Province. The new facility will be capable of producing 200,000 metric tons of elastomers on an annual basis. Elastomers produced by LG ChemOnce the plant is complete, LG Chem’s elastomer production capacity will be pu

[THE INVESTOR] Lotte Chemical CEO Huh Soo-young is to be summoned for questioning in connection with the company’s alleged tax fraud, local media reported on July 24. According to reports citing unnamed sources, the prosecutors investigating the case plan to question Huh as a suspect. Lotte Chemical is suspected of using false information in the suit against the tax authorities, which resulted in the company receiving about 27 billion won (US$23.75 million) in tax refunds. The investigators have

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering announced on July 25 that it has delivered its 100th LNG tanker. The company said that the 100th LNG tanker, Maran Amphipolis, set sail from its shipyard in Geoje, South Gyeongsang Province, on July 23.  LNG tanker Maran Amphipolis / DSMEThe company began building LNG tankers in 1992, and delivered the first one in 1995. At present, there are 422 LNG tankers in operation. With orders for 50 LNG tankers remaining, DSME is set to be take th

[THE INVESTOR] The US chemicals industry is seeking antidumping tariffs on South Korean synthetic rubber, the Korea International Trade Association said on July 24. According to the Washington branch of the KITA, US rubber makers including Lion Elastomers have filed dumping complaints against South Korean ESBR, a synthetic rubber used in a range of products including tires. The plaintiffs have requested the US International Trade Commission, and the US Department of Commerce to levy between 22.4

[THE INVESTOR] The retained earnings of the country’s top 30 conglomerates have nearly tripled since 2006, government data showed on July 25. The list of 30 excludes state-run entities, and conglomerates that are not run by an “owner,” like Samsung, Hyundai Motor and other leading conglomerates.According to the National Assembly Budget Office data obtained by Rep. Kim Jong-min of the main opposition Minjoo Party of Korea, the retained earnings of the top 30 conglomerates came to 478 trillion won

[THE INVESTOR] Hanwha Group has launched a new research complex in Seosan, South Chungcheong Province, to nurture local small and medium-sized firms in the field of solar energy. The company, in partnership with the South Chungcheong Creative Economy Innovation Center, jointly opened the Seosan Solar Energy-Specialized Venture Complex on July 22. With an area of 16,529 square-meter, the new center will attract SMEs in the field of solar energy to foster their R&D activities and commercialize its