Lee Seung-hun was inaugurated as the 15th president and chief executive officer of the state-run Korea Gas Corp. on Thursday.Lee said in his inauguration speech that natural gas was a stable and economic resource, and emphasized that the company must provide the gas safely as its basic mission. KOGAS CEO Lee Seung-hun (KOGAS)He suggested blueprints on new energy industries using natural gas, and stressed that KOGAS should have a healthy financial structure and spoke of plans to improve them.Lee,

The state-run Korea Gas Corp. posted 10.2 trillion won ($9.2 billion) in sales in the first quarter of this year, an 18.4 percent increase compared to the same period last year.According to its business report, KOGAS’ quarterly profits reached 865.4 billion won, a 20 percent increase from a year earlier, largely thanks to an increase in its overseas business.KOGAS also reported an increase in investment returns by 82.2 billion won, as well as a net profit of 581.2 billion won, a 37.6 percent inc

STX Heavy Industries has called off a 450.8 billion won ($406.8 million) contract to build a gas pipeline in Iraq, fueling concerns about the company’s ongoing restructuring efforts. The company said Friday the decision was made due to the prolonged conflict in Anbar, Iraq, where Islamic State extremists have been mounting a wave of attacks targeting the Iraqi army.“The worsening situation in the region has reached the level where we cannot proceed with construction,” a company official told the

The nation’s major construction companies are expected to be slapped with significant antitrust fines for operating a cartel during a plumbing project initiated by the Korea Gas Corp.According to the Fair Trade Commission and the Ministry of Land, Infrastructure and Transport, some of the 23 participants have been suspected of fixing prices during construction of gas pipelines that were requested by the state-controlled KOGAS.The allegation involves the builders’ irregular practices when they re

The state-run Korea Gas Corp. made remarkable achievements last year in its sales and preparedness for possible cyberterrorism, company officials said Thursday.In its report on the key achievements in 2014, the corporation said it posted a record net profit of 447 billion won.It also grabbed the first place in a security inspection by the government for its better preparation for possible cyberattacks. The company stated that it successfully hosted “Gastech 2014,” the largest international gas e

The state-run Korea Gas Corp. said Wednesday it has successfully placed a roof on its 270 million liter LNG storage tank in Samcheok, Gangwon Province ― the first and largest of its kind.The storage tank is one of three 270 million liters tanks currently under construction, with the new roof placed on tank No. 11. KOGAS plans to place a roof on tank No. 10 on April 22.The new roof weighs 1,210 tons. It was constructed on the ground, with KOGAS using a compressed air technique to raise the roof f

Some 300 energy experts from Korea and the United States discussed ways to cooperate in the shale gas industry at a symposium in Seoul on Tuesday. The participants held in-depth discussions on ways to strengthen technical exchanges on shale gas development, organizers said.The Korea Gas Corp. and New Mexico-based research center Sandia National Laboratories jointly hosted the “2015 Korea-U.S. Shale Gas Technology Cooperation Symposium” as a follow-up measure after the two countries signed a pact

Jang Seok-hyo, president and CEO of Korea Gas Corporation, on Sunday offered to resign, following prosecutors’ indictment over alleged bribery and breach of trust. The announcement came two days after Energy Minister Yoon Sang-jik urged for his dismissal. Jang was indicted without detention last month on suspicion that he had received some 280 million won ($255,000) from an LNG tug boat company since July 2013. He is also suspected of having misappropriated 3 billion won company fund and overpai

The local price of natural gas supplied by the state-run Korea Gas Corp. will be cut by an average 5 percent from the start of next year, the government said Friday.The move follows a recent plunge in the global prices of oil and natural gas, according to the Ministry of Trade, Industry and Energy.“Despite a recent appreciation of the Korean won, there exist a few factors, such as a cut in global oil prices, that warrant a reduction of natural gas prices,” it said in a press release.The announce

Prosecutors said Wednesday they have sought an arrest warrant against the chief of state-run Korea Gas Corp. on suspicion of bribery and breach of trust.   Jang Seok-hyo, the chief executive officer of KOGAS, is suspected of embezzling billions of won (millions of U.S. dollars) from a tugboat company he headed between July 2011 and July 2013, prosecutors said.   Jang allegedly had fake receipts issued for client entertainment expenses while serving as chief of the company.   The KOGAS chief is a

Korea has successfully attracted the 2021 World Gas Conference to Daegu through a vote at the International Gas Union, state-run Korea Gas Corp. said in a press release on Friday. Norway, China and Russia had competed against the country to win the bid for the triennial gas industry gathering, at which members discuss pending issues and challenges. ‘‘Korea will become the third nation in Asia to host the WGC after Japan in 2003 and Malaysia in 2012,” KOGAS said. Jang Seok-hyo, the chief of KOGAS

The state-run Korea Gas Corp. on Friday said it hoped its efforts to help Daegu win its bid to host the 2021 World Gas Conference would pay off, adding that it believes Daegu has a good chance at winning. Daegu, Korea’s third-largest city, is vying in fierce competition against strong contenders including cities in Norway, Russia and China to win the global event that over 6,000 industry leaders are expected to attend. “We will continue to work till the end to help Daegu clinch the bid,” said KO

The top management of state-run Korea Gas Corp. has been in Europe since the start of this month to help Daegu win its bid to host the 2021 World Gas Conference, the company said Tuesday. Visitors browse at exhibition booths set up at the 2014 Gastech Conference and Exhibition held from March 24-27 at KINTEX in Gyeonggi Province. KOGASDaegu, where KOGAS has moved its headquarters to from Seoul last month, served as the venue for the 22nd World Energy Congress in October last year.“The Gas Intern

Daegu officials welcome the relocation of KOGAS’ head office to the city. (KOGAS)The state-run Korea Gas Corp. started operations at its new headquarters in Daegu on Oct. 1.Welcomed by city government officials and companies in Daegu after about two weeks of moving, KOGAS CEO Jang Seok-hyo wished the company and employees good luck and future prosperity.KOGAS’ 64,892-square-meter new building, on which construction began in March 2012, has 13 floors. The building is 50 percent more energy effici

Despite the ongoing political turmoil in Iraq, sales of oil the state-run Korea Gas Corp. is producing from oil fields in the region has grown over the past four years, the company said this week. As of this month, the gas giant’s accumulative sales of oil produced in the Zubair field near Basra of southern Iraq has exceeded 10 million barrels. “The turmoil in Iraq is occurring in northwestern Iraq, which is located a considerable distance from the Zubair field, so it has not disrupted our outpu