By John Lee. Work on a the $6-billion Karbala Refinery Project has reportedly been suspended. According to Korea Times, the work has been halted "due to the Iraqi government's late construction payment, raising concerns about its solvency." The Engineer, Procure and Construct (EPC) contractor for the Karbala Refinery Project is HDGSK, a South Korean joint […]
By John Lee. South Korea has offered US$7 million to help resolve the humanitarian crisis in Iraq. A statement on Thursday from Seoul's Foreign Ministry said: "Our government decided to provide assistance following a comprehensive review of the humanitarian crisis in Iraq, the international community's call for aid and other countries' provision of aid." South […]
By John Lee. Iraq has banned the importion of frozen and live poultry products from two dozen countries. According to a report from Reuters, Baghdad restricted poultry imports from France last month, following a reported outbreak of H5N1 bird flu. The ban now extends to Bangladesh, Burkina Faso, Bhutan, China, Egypt, Ghana, Hong Kong, India, […]
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 […]
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)
By Robert Tollast. Korean firm STX Heavy Industries has cancelled a proposed 500km pipeline to the Akkas gas field in Western Iraq, which is operated by state Korean gas firm KOGAS. STX Heavy were working on the project with KOGAS Akkas B.V and work was due to be finished in 2017, however the project ran […]
By Patrick Schmidt. On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project. The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair […]
By John Lee. Samsung Engineering Co., Ltd. has officially announced that it was awarded the North (Hammar Mishrif) New Degassing Station Facilities contract for the ENI Zubair Oil Field Development project in Iraq, worth $840 million. The signing ceremony was attended by Samsung Engineering’s President & CEO Mr.Park Choong-Heum, South Oil Company’s Director General Mr. Dheyaa Jaafar […]
Iraq's Oil Ministry announced on Wednesday that it has discovered a new oil field in the Missan [Maysan] province, and described it as the biggest achivement in 30 years. According to the report from AKnews, the Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] told a press conference: "Iraqi Oil Company and the Southern Oil Company […]
South Korea's Hyundai Heavy Industries has tendered the lowest of six bids for the construction of a 500-megawatt natural-gas fired power plant in Najaf, an Iraqi Electricity Ministry official said. According to Bloomberg, Hyundai bid $158.9 million for the work; Metka SA (METTK) of Greece, Turkey’s Enka Insaat & Sanayi AS, Lanco Infratech Ltd. (LANCI) […]
Iraq's Prime Minister, Nouri al-Maliki, called for the development of economic and trade relations with South Korea, according to a statement of his office on Monday. “On Monday (July 19) Al-Maliki held a meeting with a delegation of South Korean companies, Ambassador Su B. Park, and Head of the National Investment Commission Sami al-Aaraji,” said […]
(Source: Korea Times) The Korea Times reports that a state-run think tank called on the government, along with local businesses, to gear up for reconstruction projects in Iraq, predicting the demand will rise in the near future. In a report entitled "Prospects of the Iraqi Economy after the General Elections," the Korea Institute for International […]
