The latest Korea – Iraq Business News – housing, construction, company Kogas, & more – brought to you by Iraq Business News
By John Lee. Egypt’s state-owned Petroleum Projects & Technical Consultations Company (Petrojet) has reportedly won two contracts in Iraq valued at $142.5 million (166 billion Iraqi dinars). In the first contract, worth $75 million, Petrojet will carry out the first phase of the rehabilitation and upgrade of the current facilities in Basra Gas Company, for […]
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] met on Sunday with the Korean Ambassador in Baghdad, Mr. Jo Jong. They discussed the strengthening of relations between Iraq and South Korea, especially in the energy sector. (Source: Ministry of Oil)
By John Lee. Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad. This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the total construction cost. The $8-billion project is the […]
By John Lee. Russia's Gazprom Neft, the operator of the Badra oil field (pictured) in Iraq, has announced that first oil from the field is now being delivered to Iraq’s main pipeline system for transfer to the export terminal in Basra, on the Persian Gulf. Current deliveries from Badra to the pipeline stand at over […]
By John Lee. The President of Korea Aerospace Industries (KAI) has said that Iraq has proposed building a new airfield in the southern part of the country. "Iraqi authorities suggested the need for a military airbase for the new jets, and although no deal has been signed, KAI expressed a desire to pursue talks on […]
By John Lee. Standard Chartered Bank hosted an information session on Monday for Korean businesses interested in investing in Iraq. At the one-day seminar held in Seoul, Gavin Wishart, CEO of Standard Chartered Bank Iraq, said that Iraq provides substantial opportunities for world-renowned Korean construction and engineering companies. He added that the Iraqi government is […]
By John Lee. South Korea's state-run Korea National Oil Corporation (KNOC) has said it has acquired an additional 30 percent stake in the Sangaw South exploration block in Iraqi Kurdistan. Platts reports that this doubles the company's stake in the block to 60 percent. "KNOC plans to drill another exploratory well in Sangaw South next […]
By John Lee. Korean company LS Industrial Systems (LSIS) said on Wednesday that it has signed a $52 million deal with the Iraqi government to supply its patented advanced metering infrastructure (AMI) solutions. The company will supply 110,000 smart meters that track energy consumption at power transmission centers in Iraq. The transmission centers will then share […]
The South Korean Consul General to Kurdistan, Mr. Younhyon Kim, visited the KRG Department of Foreign Relations to meet with the Head of the DFR, Minister Falah Mustafa to bid farewell as his tenure in the region comes to an end. The meeting was also attended by the Assistant Head to the DFR, Ms. Siham […]
Prime Minister Nouri Kamil al-Maliki has opened the new Hanwha Precast Concrete Plant at the Bismayah New City development near Baghdad. Speaking at the event, he said that “this project is our dream that has come true because it reflects our hope to provide housing units for all Iraqi people who were deprived of their […]
By John Lee. Iraq's cabinet has approved an $589 million oilfield service contract with South Korea's Daewoo Engineering & Construction. The contract, approved on Tuesday, is for the engineering, procurement and construction of a gas separation facility at the Zubair oilfield. Production at the field is planned to increase from the current 320,000 barrels per […]
By John Lee. South Korea's Hanwha Engineering and Construction has said that it has received an additional $511 million in advance payment for its Bismayah New City Project (BNCP), located 10 kilometers southeast of Baghdad. According to a report from Yonhap News, this brings the amount of money the builder has received so far for […]
