By John Lee. GB Auto has reportedly decided to cease its representation of Hyundai passenger cars in Iraq. According to Daily News Egypt, the company rejected Hyundai’s new multi-distributor strategy, on the basis that such models never yield proper returns on investment. It adds that Hyundai had a market share of approximately 25 percent last […]
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The latest Korea – Iraq Business News – housing, construction, company Kogas, & more – brought to you by Iraq Business News
Korean Cosmetic Brand enters Iraqi Market
By John Lee. Korean cosmetic brand Missha has reportedly entered the Iraqi market. According to Korea News Plus, the brand, owned by Able C&C, has opened its first store at the Zayoona Mall in Baghdad. (Source: Korea News Plus)
Iraq receives final Korean Fighter Jet
By John Lee. Iraq has reportedly received its 24th and final Korea Aerospace Industries (KAI) T-50IQ Fighting Eagle light fighter and trainer aircraft, which is the Iraqi Air Force variant of the T-50 Golden Eagle/FA-50 Fighting Eagle. According to Janes, the delivery of the final batch of aircraft marks an end to the six-year procurement […]
Daewoo Wins $86m Iraq Order
By John Lee. South Korea’s Daewoo Engineering & Construction has reportedly won an $86 million order to build a prefabrication yard for a tunnel project at the new Al Faw Grand Port in Basra. Under the deal with the General Company for Ports of Iraq (GCPI), Daewoo will complete the Khor Al-Zubair immersed tunnel prefabrication […]
Tags: Al Faw Grand Port, Basra News, Daewoo, featured, General Company of Iraqi Ports, korea, mn, Ports, Roads, South Korea
Zubair Oil Production hits 500k bpd
By John Lee. Zubair oilfield has reportedly reached a production level of 500,000 barrels of crude oil per day (bpd). According to Business Korea, Kogas made the announcement on Thursday, adding that its “second-stage goal” is 700,000 bpd. The project is being developed by Eni (32.81%), Kogas (18.75%), Maysan Oil Company (25%), and South Oil […]
Tags: featured, Iraq Oil Production News, KOGAS Iraq News, korea, Maysan Oil Company (MOC), mn, Occidental Petroleum, South Korea, South Oil Company (SOC), Zubair
Daewoo Wins $70m Iraq Order
By John Lee. South Korea’s Daewoo Engineering & Construction has won a US$70.35 million order to build entrance roads for the new Al Faw Grand Port in Basra. Under the deal with the General Company for Ports of Iraq (GCPI), Daewoo will complete the 14.5 kilometer-long road by May 2021. Earlier this year, the company […]
Tags: Al Faw Grand Port, Basra News, Daewoo, featured, General Company of Iraqi Ports, korea, mn, Ports, Roads, South Korea
Hyundai wins $2.4bn Desalination Contract
By John Lee. Hyundai Engineering & Construction has reportedly won a $2.45-billion deal to build a seawater processing facility in Iraq. South Korean media report that the company signed a letter of intent with Basra Oil Company (BOC) on Wednesday for the 49-month project, which will be capable of supplying 5 million barrels of fresh […]
Tags: Al Basra, Basra News, Basra Oil Company (BOC), desalination, featured, Hyundai, Iraq Oil Production News, korea, mn, South Korea
Iraqi Air Force receives more Korean Fighter Jets
By John Lee. The Iraqi Air Force has received another six new T-50 fighter jets under a contract with Korea Aerospace Industries (KAI). According to previously-released information, Iraq’s T-50 fleet is planned to grow to 24 by early next year. (Source: Iraqi Air Force)
Korean Support helps Stabilize Newly Liberated Areas
The Government of the Republic of Korea and the United Nations Development Programme (UNDP) signed partnership agreement today for USD 5M million to support stabilization and recovery in newly liberated areas in Iraq. Korea’s contribution will be channelled through UNDP’s Funding Facility for Stabilization (FFS) which finances fast-track initiatives in areas retaken from ISIL. This […]
Tags: featured, Funding Facility for Stabilization (FFS), korea, South Korea, UN Development Programme (UNDP)
S Korea wins $500m Deal for Electricity in Iraq
By John Lee. South Korea’s STX Marine Service has reportedly won a contract to restore and operate diesel-fueled electric power plants in Iraq. According to Yonhap, the company said the US$500-million deal will see it four 900-megawatt electricity generation units over five years. It calls for 100 South Korean engineers to be dispatched by STX, […]
Hanwha receives $230m Payment for Bismaya
By John Lee. South Korea’s Hanwha Engineering and Construction (E&C) has said it haws received an additional payment of $230 million from the Iraqi government for work carried out in the first half of this year on the Bismayah New City project in Baghdad. According to the report from Business Korea, the total contract is […]
KOGAS Recoups Investment in Zubair
By John Lee. The state-owned Korea Gas Corporation (KOGAS) has said that it has recouped its $2.49 billion investment in the Zubair oil field in southern Iraq. According to a report from Yonhap, the company has recovered $2.53 million as of December, which exceeds its initial outlay. The oilfield is currently producing around 360,000 barrels […]