The latest Korea – Iraq Business News – housing, construction, company Kogas, & more – brought to you by Iraq Business News
By John Lee. South Korea's Hyundai Elevator Co. has secured a $63-million contract to supply 1,668 elevators for all apartment buildings of the Bismaya New City Project until 2019. An additional $26 million deal is reported to be likely to be signed within the week to set up elevators in buildings, bringing the total to […]
By John Lee. Reuters reports that Iraq has approved $1.7 billion in contracts with Korean companies Samsung Engineering and Hyundai Heavy Industries to build two engineering projects: Samsung won a $894.5 million contract to handle engineering, procurement and construction work on a degassing station in the Zubair oilfield; Hyundai won a $818 million contract to […]
Korea's STX Heavy Industries has announced another major contract win in Iraq. The $99.5-million deal will see the company build a new gas treatment facility at the Gharraf [Garraf] oilfield. Malaysia’s state oil firm Petronas holds 45 percent of the Gharraf project, Japan Petroleum Exploration (Japex) 30 percent, and Iraq’s North Oil Company (NOC) 25 percent. […]
Iraq's National Investment Commission (NIC) decided to reduce the down payment required to buy housing units at the new Bismayah development. NIC Chairman Dr. Sami al-Araji said that following requests from the public, the down payment would be reduced from 25 percent to 10 percent. He added that work at Bismaya, the biggest housing project […]
By John Lee. A group of companies led by Hyundai Engineering & Construction has won a $6.04-billion contract to build the new 140,000-bpd Kerbala oil refinery. The Iraqi cabinet approved the deal between the Oil Ministry's State Company for Oil Projects (SCOP) and the consortium on Tuesday. Construction is to be completed within 54 months. […]
By John Lee. Korea's STX Heavy Industries has won a $449 million order to build a 550-kilometer gas pipeline in northwestern Iraq. The pipeline, scheduled for completion in June 2017, will take gas from the Akkas gas field in Anbar, which is operated by Korea's KOGAS. (Source: STX)
By John Lee. Korea's BIT Computer has said it will build a healthcare information system for the Health Ministry and public health centers in Iraq. The 24-month $260,000 project also includes creating data communications links between the ministry and health centers. The company will work with the Korea International Cooperation Agency as part of an […]
South Korea's Hanwha Chemical Corporation has announced that it has signed a letter of intent (LOI) to build a petrochemical plant in Iraq. South Korean news agency Yonhap reports that the LOI was signed in Seoul by the president of Hanwha Chemical, Bang Han-hong (pictured), and Iraq’s Deputy Minister of Industry, Mohammad Zain. Hanwha will build […]
By John Lee. Korea Aerospace Industries (KAI) has signed a $1.1 billion contract with Iraq to export T-50 supersonic advanced jet trainer and light attack aircraft. The deal for the 24 aircraft, which includes the training of Iraqi pilots, was signed today in Baghdad by KAI's President and CEO, Ha Sung-yong, Defense Acquisition Program Administration's […]
By John Lee. Iraq's deputy prime minister for energy, Hussain al-Shahristani (pictured), has said that 'Big Oil' is about to spend over $25 billion next year to boost oil output towards record levels. He predicted that the southern fields are expected to pump an extra 500,000 bpd in 2014, compared to just over 3 million […]
By John Lee. Oil minister Abdul Kareem Luaibi [Elaibi] has told reporters that Iraq plans to store 4 million barrels of crude oil in South Korea. According to a report from Reuters, he said that the oil was to be stored in Korea "to be near the markets - the Asian markets". The Wall Street […]
By John Lee. Businessweek reports that Iraq plans to award contracts at the Zubair oil field the the Korean companies Samsung Engineering, Hyundai Heavy Industries, and Daewoo Engineering & Construction. Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) has told reporters: “We are in the last stages in attributing the project entirely to three Korean companies ... […]
