Korean oil refiners to drive eco-friendly projects on record earnings
S. Korean oil refineries are expected to speed up environmentally-friendly and petrochemical business projects this year after their best-ever earnings performance last year amid oil market volatility. The good performance was attributed to strong recovery in oil demand amid supply disruptions caused by a shortage of refinery facilities and geopolitical risks last year. According to market data, exports of petroleum products by the domestic oil refining industry reached a record USD 570.3 billion last year. This year, the European Union’s sanctions on Russian oil refinery products and China’s reopening are expected to boost the industry’s refining margins. A recovery in global jet fuel demand is also helpful to the industry. Oil refining margins are expected to remain strong this year as the Ukraine-Russia war continues. Meanwhile, local oil refiners are expanding lucrative petrochemical business, while strengthening their eco-friendly business projects.
S. Korea plans to launch 6G network service in 2028
S. Korea plans to launch the sixth generation network service in 2028, two years earlier than its original schedule, in a bid to secure an early dominance of the future wireless frequencies, the ICT ministry said on Feb. 20. Under the K-Network 2030 plan, the S. Korean government will advance the launch of the commercial service of 6G network by two years through securing world-class 6G technologies, innovating the software-based next-generation mobile network and strengthening the network supply chain, according to the Ministry of Science and ICT. At the same time, the government will also encourage local companies to produce materials, parts and equipment for 6G technology in the country and develop an open RAN, or open radio access network, which is compatible with any mobile device and enables mobile carriers and enterprises to offer flexible services. The ministry said the advanced plan is aimed at helping the country retain the leading position in the global competition for future network infrastructure, following the 5G network race, to meet rising demand for higher speed and lower latency in wireless communications. According to the German analysis firm IPlytics, S. Korea has led 5G development with a high number of 5G patents, while previous 4G technology development was mostly dominated by U.S. and European companies.
*This article is extracted from Invest KOREA information center, 2023.