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2017-06-30 08:30:00

U.S. - S.KOREA BUSINESS

U.S. - S.KOREA BUSINESS

PE - South Korean companies announced  plans to import more American shale gas and build new factories in the U.S. as the two countries' leaders prepare to hold summit talks in Washington where trade is expected to be a key issue.

The Korea Chamber of Commerce and Industry, South Korea's largest business association, said Thursday that major South Korean companies had proposed a slew of new investments ahead of President Moon Jae-in's meetings Friday with President Donald Trump.

South Korean businesses are highlighting investments and other plans that will help create jobs in the U.S. as the Asian country fends off criticism over a growing trade imbalance in its favor.

Electronics conglomerate Samsung Electronics said earlier this week it plans to spend $380 million to build a new home appliance factory in South Carolina. It also will spend $1.5 billion on its semiconductor plant in Texas. LG Electronics said it will put $250 million into building a new washing machine plant in Tennessee and $300 million on a new building in New Jersey.

SK Group signed a preliminary agreement with GE and Continental Resources earlier this week to jointly develop U.S. shale gas. The group, which owns South Korea's largest mobile carrier and the country's second-largest semiconductor company, said it will import American liquefied natural gas and liquefied petroleum gas starting in 2020 to help diversify its energy imports.

GS Group plans to start importing American shale gas worth $220 million for 20 years starting in 2019. Hanjin Group, parent company of flag carrier Korean Air Lines, said it plans to purchase 50 additional planes from Boeing over the next seven years.

The U.S. trade deficit with South Korea has nearly doubled since a bilateral trade agreement took effect in 2012, and Trump took aim at the trade deal while campaigning for president.

Total two-way trade totaled $144.6 billion last year, with the U.S. running a $17 billion deficit.

The White House official said Trump would call for the lifting of barriers to U.S. auto sales in South Korea and voice concern over steel exports from China that reach the U.S. via South Korea.

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Earlier:

USA: 

DOUBLE U.S. OIL EXPORTS 

IMF: U.S. ISN'T WORKING WELL 

U.S. OIL DEMAND UP 4.9% 

U.S. RENEWABLE ENERGY 

U.S. RIGS UP 8 TO 941 

U.S. FEDERAL FUNDS RATE 1.25% 

U.S. OIL GAS PRODUCTION WILL UP ANEW

 

S.KOREA: 

LNG OVERSUPPLY 

SOUTH KOREA'S LNG DOWN 

OIL & GAS WEAKNESS 

THE LARGEST LNG IMPORTERS 

ASIAN LNG IMPORTS UP 

S.KOREA'S OIL UP 4.5% 

ASIAN LNG DOWN 5%

 

 

 

Tags: USA, KOREA, GAS, INVESTMENT

Chronicle:

U.S. - S.KOREA BUSINESS
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

U.S. - S.KOREA BUSINESS
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

U.S. - S.KOREA BUSINESS
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

U.S. - S.KOREA BUSINESS
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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