ID :
64143
Thu, 06/04/2009 - 08:55
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https://www.oananews.org//node/64143
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S. Korea to improve car fuel economy, develop energy efficiency technology
By Lee Joon-seung
SEOUL, June 4 (Yonhap) -- South Korea aims to improve the fuel economy of
automobiles and develop technologies that can cut energy use in the face of
rising crude oil prices, the government said Thursday.
The plan, outlined at the weekly economic policy meeting chaired by President Lee
Myung-bak, calls for raising the future fuel efficiency of locally made vehicles
to surpass requirements set by the United States and Japan, the Ministry of
Knowledge Economy said.
Seoul will also inject research and development (R&D) funds to help companies
develop technologies that can cut back on energy use and implement administrative
measures to get both private businesses and public institutions to join the
nationwide conservation effort, according to the ministry.
The actions are to be pushed forward to counter a steady rise in international
oil prices. The price per barrel of Dubai crude, South Korea's benchmark, reached
US$66.3 on Monday, up from an average $57.9 per barrel for the whole of May.
Resource poor South Korea relies heavily on manufacturing to fuel growth, which
makes it vulnerable to sharp hikes in crude oil prices.
The ministry, in charge of the country's industrial and energy prices, said it
will allocate 150 billion won (US$120 million) over the next five years to
enhancing the fuel efficiency of cars.
Autos made in South Korea are currently about 70 percent as fuel efficient as
those made in Japan. The average South Korean car can go about 11.2 km per liter
of fuel, compared with 16.0 km per liter for Japanese vehicles.
"The plan is to raise the mileage to levels exceeding those set by Japan and the
United States," a ministry official said. He added that the plan also includes
building up infrastructure to facilitate the use of so-called plug-in vehicles
and other eco-friendly small-sized cars.
The U.S. aims to improve fuel efficiency to 16.6 km per liter of fuel, with Japan
pushing for 16.8 km starting in 2016.
In addition to vehicle fuel efficiency, South Korea plans to spend about 1.6
trillion won to assist in the development of various technologies that can help
boost energy conservation in consumer and industrial products.
"Measures to make it mandatory for public companies to use only high energy
efficient products are being considered along with getting businesses and
companies that use a lot of electricity to set conservation targets," the
official said.
Under the plan, more than 5,500 public facilities could be required to use only
high energy efficiency products.
Also Thursday, the government said it will extend tax benefits by two years to
companies that invest in infrastructure to cut energy use.
Those benefits, which would have expired at the end of this year, give tax
deductions of up to 20 percent on all energy conservation-related investments.
yonngong@yna.co.kr
(END)
SEOUL, June 4 (Yonhap) -- South Korea aims to improve the fuel economy of
automobiles and develop technologies that can cut energy use in the face of
rising crude oil prices, the government said Thursday.
The plan, outlined at the weekly economic policy meeting chaired by President Lee
Myung-bak, calls for raising the future fuel efficiency of locally made vehicles
to surpass requirements set by the United States and Japan, the Ministry of
Knowledge Economy said.
Seoul will also inject research and development (R&D) funds to help companies
develop technologies that can cut back on energy use and implement administrative
measures to get both private businesses and public institutions to join the
nationwide conservation effort, according to the ministry.
The actions are to be pushed forward to counter a steady rise in international
oil prices. The price per barrel of Dubai crude, South Korea's benchmark, reached
US$66.3 on Monday, up from an average $57.9 per barrel for the whole of May.
Resource poor South Korea relies heavily on manufacturing to fuel growth, which
makes it vulnerable to sharp hikes in crude oil prices.
The ministry, in charge of the country's industrial and energy prices, said it
will allocate 150 billion won (US$120 million) over the next five years to
enhancing the fuel efficiency of cars.
Autos made in South Korea are currently about 70 percent as fuel efficient as
those made in Japan. The average South Korean car can go about 11.2 km per liter
of fuel, compared with 16.0 km per liter for Japanese vehicles.
"The plan is to raise the mileage to levels exceeding those set by Japan and the
United States," a ministry official said. He added that the plan also includes
building up infrastructure to facilitate the use of so-called plug-in vehicles
and other eco-friendly small-sized cars.
The U.S. aims to improve fuel efficiency to 16.6 km per liter of fuel, with Japan
pushing for 16.8 km starting in 2016.
In addition to vehicle fuel efficiency, South Korea plans to spend about 1.6
trillion won to assist in the development of various technologies that can help
boost energy conservation in consumer and industrial products.
"Measures to make it mandatory for public companies to use only high energy
efficient products are being considered along with getting businesses and
companies that use a lot of electricity to set conservation targets," the
official said.
Under the plan, more than 5,500 public facilities could be required to use only
high energy efficiency products.
Also Thursday, the government said it will extend tax benefits by two years to
companies that invest in infrastructure to cut energy use.
Those benefits, which would have expired at the end of this year, give tax
deductions of up to 20 percent on all energy conservation-related investments.
yonngong@yna.co.kr
(END)
