An oil tanker that passed through the Strait of Hormuz is expected to arrive in South Korean waters as early as next month, Reuters reported on Monday. The Malta-flagged Odessa is "heading to discharge its cargo ​at South Korean refiner Hyudai ‌Oilbank after passing through the Strait of Hormuz," it said. "The Suezmax ​tanker, which can carry 1 million barrels of oil, had its AIS tracker switched ​off and re-appeared on April ​17 near t

Samsung SDI announced it has signed a multi-year contract to supply electric vehicle batteries to Mercedes-Benz, marking the Korean battery maker's first supply agreement with the German premium automaker. The deal, signed at the Andaz Seoul Gangnam hotel on Monday, will see Samsung SDI provide high-performance cells built with high-nickel NCM (nickel, cobalt, and manganese) cathode chemistry for Mercedes-Benz's next-generation electric vehicles. S

Diesel prices are approaching 2,000 Korean won (about US$1.36) per liter after gasoline's already crossed that threshold amid surging fuel prices due to supply disruptions amid the prolonged conflict in the Middle East. If this trend continues, the average diesel price nationwide is likely to breach that level within days. As the prospect of talks between the U.S. and Iran looms, it remains uncertain when the Strait of Hormuz, a critical chokepoint fo

Fuel surcharges on international flights will rise to record-high levels next month as oil prices remain high, even as there are some hopes for an end to the prolonged conflict in the Middle East. Both international and domestic flight routes are subject to these surcharges, which airlines adjust based on changes in the average price of fuel traded on Singapore's spot market. According to aviation industry data released on Thursday, the average price

South Korean food maker Pulmuone announced it achieved its highest-ever ranking in S&P Global's Corporate Sustainability Assessment, climbing to third place among global food companies from fourth a year earlier. The result, based on the 2025 CSA and reflected in S&P Global's Sustainability Yearbook 2026 published in February, marks the third consecutive year Pulmuone has placed in the top five of the food products category. The assessment eva

South Korea’s refiners are activating contingency plans to diversify crude imports from North America as tensions around the Strait of Hormuz escalate, though analysts warn that hidden costs could limit the effectiveness of such moves. At first glance, alternative sourcing appears feasible. But industry officials say higher freight rates, refinery compatibility issues, and premiums on substitute crude could significantly raise costs. Acc

South Korea’s world-class oil refining industry — long a pillar of its export strength — is fast turning into a structural vulnerability as the Gulf crisis disrupts energy flows and exposes the economy’s deep dependence on imported crude. Global investment banks are rapidly turning cautious. French lender Natixis on Monday slashed its 2026 growth forecast for South Korea to 1 percent from 1.8 percent, marking one of the st

South Korea has secured about 80 percent of its crude oil import needs for May and expects to weather the ongoing supply disruptions triggered by the Middle East conflict, Minister of Trade, Industry and Resources Kim Jung-kwan said. Kim said the volume of crude oil locked in for May had risen by 10 percentage points from the previous week, bolstered by private-sector stockpiles held by domestic refiners. "We believe we can get through April and May w

South Korean battery materials maker EcoPro said it has secured 6 million Canadian dollars (about $4.3 million) in research funding from Canada's federal government to develop lithium metal anode technology for next-generation all-solid-state batteries. The grant, awarded to EcoPro Lithium — a unit of subsidiary EcoPro Innovation — falls under Ottawa's Energy Innovation Program, which aims to bolster domestic battery supply chains. EcoPro