Ministry of Trade Industry and Resources

Korea eyes overseas market with natural gas infrastructrue know-how

The Ministry of Trade, Industry and Energy held a ceremony to launch a task force that will be responsible for developing overseas markets for natural gas infrastructure  at the Korea Chamber of Commerce and Industry (KCCI)on July 21.     The task force is made up of construction companies, shipbuilders, shipping companies from the private sector, and Korea Gas Corporation, Korea Development Bank, Export-Import Bank of Korea, and Korea Trade Insurance Corporation, and KO date2016-07-27

Minister Joo hosts `Alliance for New Energy Business Conversion' meeting

Trade, Industry and Energy Minister Joo Hyunghwan (second from left) hosted the “Alliance for New Energy Business Conversion'' meeting with officials from state-run energy companies like Korea Electric Power Corp., financial institutions and private new energy business operators, including Hyundai Motor Group and Hanwha Group at the Plaza Seoul on July 22. The meeting was designed  to help exchange views on how to develop overseas projects in the new energy business sector. date2016-07-22

Minister Joo makes on-site trip to power plant to inspect power supply in summer

Trade, Industry and Energy Minister Joo Hyunghwan (center) made an unexpected on-site visit in the afternoon of July 15 to the headquarters of West Incheon/New Incheon Power Plant in order to ensure a stable supply of electricity during the high-demand summer season and flawless operation of the facilities. He asked the power plant staff to do their best to provide electricity to businesses and households in the area without glitches or accidents during the summer peak season, and expressed his date2016-07-16

Vice Minister Woo co-chairs new energy industry council meeting

   Trade, Industry and Energy Vice Minister Woo Taehee (second from right) co-chaired the 11th meeting of the new energy industry council in Seoul on July 15, with more than 30 energy industry leaders  including professor Kim Hee-jip of Seoul National University participating. The council discussed key issues for the development of the new energy industry. The Vice Minister said the government will promote the energy big data industry and accelerate efforts to ease regu date2016-07-15

Vice Minister Lee attends inaugural meeting of LNG Bunkering Industry Association

Trade, Industry and Energy Vice Minister Lee Kwan-sup attended the inaugural meeting of the LNG Bunkering Industry Association with other industry leaders including Lee Seung-hoon, CEO of Korea Gas Corporation and representatives from 21 member companies in shipbuilding, energy, shipping, and other related sectors in Seoul on July 15. In his opening remarks, Vice Minister Lee asked the association to play a leading role in helping Korea’s shipbuilding and shipping industries become gl date2016-07-15

Vice Minister Woo congratulates ground-breaking for eco-friendly energy town

date2016-07-07

Korea to invest 42 trillion won in new energy businesses by 2020

The Ministry of Trade, Industry and Energy announced that the government will invest a total of 42 trillion won (USD 36.6 billion) into the new energy sector by 2020 as part of efforts to expand the environmentally friendly power supply system in the country.    Under the plan, the government will not only invest 33 trillion won into renewable energy sector but 4.5 trillion won into energy storage system (ESS), 2.5 trillion won into smart meter and 2 trillion won into environmentally f date2016-07-06

Korea to invest 42 trillion won in new energy businesses by 2020

date2016-07-05

Solar Panels on School Rooftops

  In its effort to expand the renewable energy business, the Ministry of Trade, Industry and Energy (MOTIE) announced it kicked off the School Roof Solar Panel Project in which 40 million won (USD 34,267 ) would be invested towards installing solar power generating equipment on the rooftops of elementary, middle school, and high schools across the nation and operating them for 20 years.   For this objective, Korea Electric Power Corporation and seven other public electric power utilities intend to establish and complete the registration of a special purpose company called Haetbit Saessak Power Plant by the end of June, 2015.   This company will lease the rooftops of schools and then install & operate solar power equipment. The company will sell the generated electric power along with the certificate of renewable energy.   The school nets an income of 4 million won every year as a leasing fee for the rooftops. Additionally, the schools will get to use the rooftops as renewable energy experience centers.   MOTIE is considering a plan to expand the solar panel installment project to universities, government sponsored research institutions, and public agencies.   Other countries like the US, Canada, and Japan are also developing solar power generation businesses by leveraging the unused rooftop spaces in schools. date2016-06-16

Environment-Friendly Energy Towns, not NIMBY Facilities

  The government has designated 6 new areas as environment-friendly energy towns.   An environment-friendly energy town is a business model in which NIMBY facilities such as incinerators, landfills, and livestock manure treatment plants are operated in a way that can create revenues for local residents and generate new renewable energy at the same time so that issues of both environment protection and energy can be resolved.   The six new areas include Inje (Gangwon), Eumseong (Chungbuk), Boryeong (Chungnam), Wanju (Jeonbuk), Jeju, and Seosan (Chungnam). The first five areas will be administered by the Ministry of Environment and the last will be run under the jurisdiction of the Ministry of Trade, Industry and Energy (MOTIE).   Under the guidance from the ministries, the individual local governments will be responsible for planning and executing the project to build the environment-friendly energy towns in their regions, which will be completed in two or three years.   date2016-06-09