New Korean Contracts – Massive Investment in Basra

Aswat al Iraq reports that The Iraqi National Investment Commission is planning to offer 750 investment projects to South Korean firms. The total value of the projects exceeds $600 billion, and includes the building of a new city.

The announcement follows a visit to the country last week by a high-powered delegation of Korean businessmen and officials, who met with the Iraqi Prime Minister and Oil Minister.

Companies taking part in the visit included STX Heavy Industries, Korean National Oil Corp, Korea Electric Power Corp., Hyundai Heavy Industries, Korea Gas Corp (KOGAS), Doosan Heavy Industries and SK Energy.

Among the deals announced in recent days with Korean companies, STX Heavy Industries is to build a $3.2 billion petrochemical complex in Basra, which will be operational by 2014. The plant will produce ethylene, propylene, polyethylene and polyvinyl chloride (PVC).

The company has also announced a $3bn iron and steel plant, also in Basra, with a target capacity of 3m tonnes, in addition to a 500MW power plant.

South Korea is the world’s fifth-largest oil importer.

(Sources: Aswat Al Iraq, Korea Herald, Korea Times, Eye Media Company)

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