The latest Korea – Iraq Business News – housing, construction, company Kogas, & more – brought to you by Iraq Business News
Iraq's oil ministry has signed a final deal with Korea Gas Corp. (KOGAS) to develop its Akkas gas field in the western province of Anbar, according to Reuters. Along with Kazakhstan’s KazMunaiGas, KOGAS won the rights to develop the Akkas field during Iraq’s third energy bidding round last October. But KazMunaiGas pulled out of the […]
Azzaman reports that the Ministry of Industry and Minerals has asked South Korean firm Daewoo to rehabilitate its steel industry, which has been idle for more than three decades. Iraq had built one of the Middle East’s largest steel complexes, called the State Company for Iron and Steel, near the port of Umm Qasr, about […]
Iraqi government spokesman Dr Ali al-Dabbagh has announced that Iraq's cabinet has approved projects to build two power stations in southern Iraq. The 1,500 megawatt Rumaila power station will be built by South Korean Hyundai Engineering at a cost of $308 million, while the 1,250 megawatt plant in Basra will be built by Greek company […]
Iraq's National Investment Commission (NIC) has announced that it has finalised the fundamental designs for the project to build 100,000 housing units in Bismaya. The units are to be built on a site of 8,000 donums (2,000 hectares), and will accommodate 500- 600,000 Iraqi citizens. NIC Chairman, Dr. Sami al-Araji, said in a press conference […]
A South Korean firm said on Saturday that it will build a 100,000-unit housing development south of Baghdad, according to a report from AKnews. At the end of a visit to South Korea in April, Prime Minister Nouri al-Maliki signed a number of contracts in the areas of economy, construction and energy. A group of […]
According to reports from Reuters, the Korean giant STX Group has played down the possibility that its $2.76 billion power deal with the Iraqi government may collapse. Following report that STX was running out of time to secure a third party financial guarantor, the shipping-to-energy conglomerate says the contract does not mention a three-month deadline […]
The Chairman of Basra Investment Commission has called on Korean companies to study the city’s investment map and consider th opportunity to build 80,000 housing units in the city. The issue had been discussed in a meeting between Haider Ali Fadhel and Basra Governor, Khalaf Abdul-Samad, with the South-Korean Ambassador to Baghdad and his delegation […]
Shares in Hill International (NYSE:HIL) jumped 59% on Thursday following the company's announcement that it has received a contract from TRAC Development Group, a South Korean real estate developer, to provide project management and construction management services in connection with a major housing development in Iraq. In addition, Hill's majority-owned subsidiary HillStone International, LLC has […]
Iraq signed an agreement with the Korea Gas Corporation (KOGAS) to begin developing the Akkas natural-gas field, an Oil Ministry official said, ending seven months of delays in progress at one of the country’s biggest deposits of the fuel. Representatives of KOGAS and Iraq's Ministry of Oil signed the contract on Wednesday in a ceremony […]
KOGAS, the Korea Gas Corporation, will double its commitment to develop Iraq's Akkas gas field, according to a report from the Wall Street Journal. The move follows the withdrawal of its partner, Kazakhstan state gas company KazMunaiGas, from the project. Kogas, will now have a 75% stake in one of Iraq's largest gas projects, up […]
The Iraqi National Investment Commission (NIC) signed a $7.25 billion deal to build one hundred thousand housing units as a complete neighborhood East of Baghdad. The signing ceremony with Hanwha Engineering & Construction, one of the largest engineering and construction companies in South Korea, took place at the Iraqi Prime Minister's Office Nouri Al-Maliki this […]
Korean company STX Heavy Industries has signed an agreement today to install 25 power plants to generate a total of 2,500 megawatts in Iraq, according to a report from Bloomberg. “This is a big event as the company will be establishing 25 plants in a region ranging from the southern city of Basra to the […]
