By John Lee. Prime Minister Mohammed Shiaa Al-Sudani presided over the signing of a memorandum of understanding between the National Investment Commission (NIC) and South Korea's Hanwha to resume work on Bismayah City residential development. The visit on Monday morning included a meeting with residents, where their feedback on provided services was heard, prompting directives […]
Tag Archives | South Korea
Iraqi Govt Approves Completion of 30,000 Housing Units
By John Lee. The Iraqi Cabinet has approved the completion of 30,000 housing units at the Basmaiyah residential complex outside Baghdad. Payment via Rafidain Bank to the Korean company Hanwha for completed housing units was also approved. The National Investment Commission (NIC) was also authorized to proceed with the remaining 70,000 units. (Source: Media Office […]
Iraq's Qi Card to work with Samsung
By John Lee. Samsung Electronics Middle East has signed a memorandum of understanding (MoU) with Iraq's Qi Card. According to a press release from Samsung, the partnership "aims to provide advanced technological products and solutions to traders, citizens, and agents of both companies with attractive commercial offers throughout Iraq." It adds: "The two companies will […]
Iraq Desalination Project transferred to Basra Governorate
By John Lee. In an effort to address the water scarcity crisis and expedite the implementation of a seawater desalination plant project in Basra province, the Iraqi Cabinet has made the following decisions: Amendment to Previous Decision: The Cabinet has revised the resolution made in 2021 under Cabinet Decision No. 315. Project Transfer: The Ministry […]
Korea-Iraq Joint Cmte Resumes, Targets Big Projects
By John Lee. The Korean Ministry of Land, Infrastructure and Transport will hold the 9th meeting of the Korea-Iraq Joint Committee in Seoul on June 21 (Wednesday). The Joint Committee is a joint participation of relevant ministries and agencies from Korea and Iraq, with the Korean delegation consisting of 14 ministries and 5 organizations, and […]
Oil Minister Discusses Karbala Refinery with Korean Consortium
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani, recently met with the Chairman and members of a consortium of Korean companies, led by Hyundai. The meeting, which included the General Manager of the State Company for Oil Projects (SCOP) and the General Manager of the Midland Refineries Company (MRC), focused on discussing the consortium's […]
Cabinet approves Exit of Kogas from Akkas Gas Field
By John Lee. The Iraqi Cabinet has approved the recommendation of the Ministerial Energy Council regarding a settlement agreement with the South Korean company Kogas, the operator of the Akkas gas field. The agreement includes a payment of USD 49 million in crude oil, to be made by the State Oil Marketing Organization (SOMO). According […]
Korean firm discusses building Industrial City in Habbaniyah
By John Lee. The Industrial Cities Authority, affiliated to the Ministry of Industry and Minerals, held a meeting with the South Korean company TRAC Development Group to discuss establishment of an industrial city in Habbaniyah. Both sides sought to enhance communication and exchange of experiences with countries that are capable of managing industrial cities. The […]
Hanwha expected to Return to Bismayah Housing Project
By John Lee. A new road map has been put in place for the continuation of work on the the giant Bismayah New City project on the outskirts of Baghdad. According to a statement from the National Investment Commission (NIC), South Korean company Hanwha is expected to sign a revised contract in the coming weeks, […]
Hanwha "Cautious" about resuming Bismayah Project
By John Lee. South Korea's Hanwha Group is reported to be "cautious" about resuming the construction at the giant Bismayah New City housing project, southeast of Baghdad. The Korea Times quotes an official at the company as saying that if the Iraqi government completes payment of the money owed to Hanwha, the company, "may resume […]
Korea Increases Contribution to Stabilization in Iraq
Korea reaffirms its commitment to stabilization in Iraq with a new contribution The Republic of Korea has made a new contribution of US$450,000 to the United Nations Development Programme (UNDP) Iraq's Funding Facility for Stabilization (FFS), which supports stabilization, durable solutions, and the safe return of internally displaced Iraqis in the five governorates liberated from […]
Hanwha "Abandons" $10bn Bismayah Project
By John Lee. South Korea's Hanwha Engineering & Construction has reportedly abandoned construction at the giant Bismayah New City housing project near Baghdad. According to Korea Economic Daily, the decision was made having failed to receive payments for years from the Iraqi government. It says the company expects losses of up to $581 million if […]