The latest Korea – Iraq Business News – housing, construction, company Kogas, & more – brought to you by Iraq Business News
By John Lee. According to a report from Platts, South Korea's state-owned Korea Gas Corporation (KOGAS) plans to sell a 47 percent stake in its 100 percent-controlled Akkas gas field. The company is under pressure from the Korean government to reduce its debts. The project was originally awarded to a consortium of Kogas and KazMunaiGas […]
By John Lee. Yonhap news agency reports that South Korea has offered an additional $1 million in aid to Iraqi refugees. This brings South Korea's total so far this year to $6 million, which has been offered through various international organizations such as UNICEF, the World Food Programme (WFP), the World Health Organization (WHO), and […]
The local government in Dhi Qar province has signed a memorandum of understanding with a number of Korean companies in various fields, notably investment, infrastructure, and construction of residential complexes. The head of Dhi Qar province Council, Hamid Naeem Gizi said in a statement: "After series of meetings with a group of Korean companies , […]
By John Lee. Occidental Petroleum intends to sell its stake in the Zubair oilfield to Iraq's state-run South Oil Company (SOC), according to a report from Reuters. The news agency quotes ministry spokesman Asim Jihad as saying on Wednesday: "Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry […]
Veolia Water Technologies has been selected by HDGSK Joint Venture to supply a Zero Liquid Discharge Evaporator and Crystallizer for the Karbala Refinery Project in Iraq. Veolia will engineer, procure and deliver a Zero Liquid Discharge system based on its proven HPD® Brine Evaporator and Brine Crystallizer technologies for calcium sulfate seeded slurry processes. Iraq's […]
The Government of the Republic of Korea and the United Nations Development Programme (UNDP) signed a $1 million partnership agreement to support stabilization and recovery in areas liberated from control of the Islamic State of Iraq and the Levant (ISIL). Korea’s contribution will be channeled through UNDP’s Funding Facility for Immediate Stabilization (FFIS), which finances […]
By John Lee. Iraq became South Korea’s third-largest suppier of oil in the first half of this year, according to a report from Bloomberg. Purchases of Iraqi crude oil soared 73 percent to 8.25 million metric tons through June in 2015, the highest level since at least 2000. (Source: Bloomberg)
The KRG's Ministry of Natural Resources (MNR) notes the decision by the Seoul Western District Court in Korea to grant an application from the Korean National Oil Company (KNOC) ordering the Korea Times newspaper to delete all published articles relating to allegations by a Korean MP of a misuse of funds by the KRG and […]
By John Lee. South Korea's LSIS said on Tuesday that it has signed a deal to supply electrical equipment for the Bismayah New-City Project (BNCP) (pictured). The deal, worth about 160 billion won ($146 million, 170 billion Iraqi dinars), will see the company supply equipment for gas insulated switchgear at 32 substations over the next […]
By John Lee. South Korea's Hanwha Group has reportedly won a $2.12-billion (2.5-trillion-Iraqi-dinar) order to build the social infrastructure for Bismayah New City. According to Yonhap News Agency, the agreement was signed with Iraq's National Investment Commission (NIC) on Monday. The Group is currently building 100,000 homes at the project, which are due for completion […]
By John Lee. The Kurdistan Regional Government (KRG) has completely rejected what it calls "the false and malicious allegations of misuse of funds made against the KRG and the Minister of Natural Resources" by an opposition MP in the Republic of South Korea and which were published by the Korea Times. Korean MP Chun Soon-ok […]
By John Lee. South Korea has become the third largest supplier of beer to Iraq, with exports to the country reaching 6,384 tons, or US$4.48 million, last year. This puts South Korea behind Hong Kong (55,484 tons) and China (20,112 tons). Four years ago, South Korea ranked as the country’s seven-largest beer exporter. According to […]
