South Korea


Petrofac Wins Iraq Contract with KOGAS

UK-based Petrofac has been awarded a Front End Engineering Design (FEED) modification contract for the KOGAS AKKAS B.V. Nasiriya Gas Treatment Plant (GTP) in southern Iraq.

Petrofac’s scope of work includes the modification and application of an existing field design to meet the needs of the Nasiriya GTP, and an estimation for the engineering, procurement and construction (EPC) costs in line with the revised design requirements.

Steve Webber, Senior Vice President, Engineering & Production Services East, said:

This award is testament to our engineering design capabilities, as well as our deep understanding of the market and supply chain in Iraq. KOGAS is a new client for us in a core market and we look forward to further developing our relationship through the successful delivery of this scope.

“Throughout the project, we will provide a robust FEED package for the execution of the Nasiriya GTP in alignment with KOGAS’ expectations, to ensure that it can maximise the total value of the field.

(Source: Petrofac)

Iraq is Iran’s 2nd Biggest Non-Oil Customer

By John Lee.

Iran’s Trade Promotion Organization (TPOI) has issued data showing that five countries — China, Iraq, UAE, South Korea and India — accounted for 68.7 percent of Iran’s total non-oil exports in the first five months of the current Iranian fiscal year (March 20-Aug. 22).

Its non-oil exports (including gas condensate) fell 5 percent in the period, to $17.193 billion.

China was the main importer of goods from Iran, accounting for 21.8 percent of the total, with Iraq taking 15.1 percent with $2.604 billion, followed by the UAE, South Korea, India, Afghanistan, Turkey, Pakistan, Thailand and Taiwan.

(Source: Trend)

(Image credit: Tasnim, under Creative Commons licence)

S. Korea to Train Public Employees in Iraq

KRG Prime Minister Nechirvan Barzani received Mr. Park Young-Kyu, the Consul General of Korea, and his accompanying delegation, in Erbil.

Mr. Park conveyed a letter from Mr. Moon Jae-In, President of the Republic of Korea, inviting stronger relations between Erbil and Seoul.

He expressed Korea’s readiness to cooperate with the Kurdistan Region on technology development and discussed the Korean International Cooperation Agency’s (KICA) capacity to help with electricity production and distribution.

He also expressed his government’s interest in helping to strengthen the public sector and said next month they will open a center to train public employees.

Prime Minister Barzani expressed his appreciation for President Moon’s letter and stressed the KRG’s desire also to strengthen bilateral relations between Erbil and Seoul.

Prime Minister Barzani said that the KRG will welcome Korean companies to invest in the Kurdistan Region and share their expertise, especially in the field of e-governance.

(Source: KRG)

LG opens Biggest Overseas Brand Shop in Iraq

By John Lee.

South Korean electronics maker LG Electronics has reportedly opened its largest overseas brand shop in Iraq.

The two-floor shop covers 870 square meters in the main commercial district of Erbil.

Around 200 government and media officials attended an opening ceremony, according to a report from Nation Multimedia.

(Source: Nation Multimedia)

Korea wins $100m Contract for Vote-Counting Machines

By John Lee.

South Korea’s Miru Systems has signed a $100-million deal to supply vote-counting machines to Iraq’s Independent High Electoral Commission (IHEC).

According to a report from Yonhap, Baghdad is reportedly considering using Miru’s vote-counting equipment and solutions in the September local elections for the first time, ahead of a parliamentary vote planned for next year.

(Source: Yonhap)

S. Korea Eager to Support Iraq

By John Lee.

Prime Minister Haider Al-Abadi has received in his office the South Korea Minister of Land, Infrastructure and Transport, Kang Hoin, and his delegation, to discuss cooperation in transportation, training, energy and infrastructure.

Minister Hion expressed his eagerness to support Iraq in its post-Daesh development program, adding that because South Korea has the advanced technology and qualified personnel to provide support.

(Source: Office of the Prime Minister)

Mega-sized Cargoes Arrive at Iraq Port

The largest cargoes ever to arrive in Iraq have been unloaded at Basra Multipurpose Terminal (BMT), in the port of Umm Qasr.

The four LPG Bullets with unit weights of 665 tons were carried on the MV Happy Star. They measure 65 meters in length and 12 meters in diameter, and will be used at the State Company for Oil Projects (SCOP)’s Karbala Refinery Project, currently being built by Korea’s HDGSK.

BMT describes itself as the largest multi-purpose facility in the country with direct access to major road networks and national rail links.

(Source: BMT)

S Korea keen to Improve Ties with Iraq

By John Lee.

South Korea’s Acting President and Prime Minister has asked for Iraq’s cooperation in bolstering economic cooperation.

During a meeting with Iraq’s Foreign Minister Ibrahim Al-Jaafari in Seoul on Monday, Hwang Kyo-ahn (pictured) said:

“The two countries have developed their cooperative ties based on a long history of cooperation and a mutually complementary economic structure … I ask for the Iraqi government’s interest and cooperation to ensure that economic cooperation continues to develop in the future.”

Speaking at the start of a four-day visit to South Korea, al-Jaafari said he hoped that more South Korean firms can make inroads into the Iraqi market.

(Source: Yonhap)

Hanwha receives $560m for Bismaya Project

Korean firm Hanwha Engineering and Construction received about $560 million in construction fees last week from the Iraqi government for its ongoing new city project, the company said on Monday.

The company has been building the 1,830-hectare new city Bismayah, 10 kilometers southeast of Baghdad, an $8-billion contract signed in 2012. The two parties agreed an additional deal to build social infrastructure for $2.1 billion in April 2015, bringing the total accumulated contract to $10.1 billion.

According to a report from the Korea Herald, the latest payment enables the company to cover all accounts receivable, “alleviating its liquidity status and improving the financial health of the company“.

The Iraqi government made the payment through loans from the state-run bank after taking over the completed houses of the new city.

Korea’s Export-Import Bank and Korea Trade Insurance Corporation also provided support for the payment process, the company said.

With construction about 30 percent completed, the company aims to build 100,000 houses and about 300 institutions, including schools, hospitals and public facilities.

The new city will consist of eight towns. So far, about 5,000 households have moved into the first town.

(Source: Korea Herald)

South Oil Company takes over Oxy’s stake in Zubair

By John Lee.

The South Oil Company (SOC) has officially taken over the stake in the Zubair oil field formerly held by US-based Occidental Petroleum, which has withdrawn from the project.

Repressentatives of Italy’s Eni and the Korea Gas Corporation (KOGAS) signed the agreement along with the Ministry of Oil.

Mr. Laith Al-Shaher, the director general of the legal directorate in the ministry, said that output at the field has increased from 150,000 bpd in 2010 to 400,000 bpd today. There are plans to increase this to 450,000 bpd next year.

He said that Occidental was pulling out of all projects in the Middle East because of the global financial crisis and the oil prices drop.

Mr. Ahmed Fadhil, the deputy director general of SOC said his company entered the consortium with a share of 29.95 percent.

(Source: Ministry of Oil)