Tuesday, March 13, 2007
S. Korean companies send unit to Iraq to survey drilling sites
Business, Reconstruction, Kurdistan
(Kurdistan Observer) The South Korean government, which has been reluctant to promote investment in Iraq because of the unstable security situation, is now starting to change its position. In late January the Ministry of Commerce, Industry and Energy sent a trade mission, including representatives from oil companies, to Iraq to look into development possibilities.
Last Thursday, a consortium of Korean companies including the Korean National Oil Corporation, Samsung Corporation and SK Corporation, sent a geological unit to Iraq to survey some potential drilling sites, while the Ministry of Construction and Transportation signed an agreement last month to participate in a project to improve Erbil's aging water and sewage systems.
If all goes well, South Korea could enjoy another business boom in the Middle East. Early last month, the Ministry of Foreign Affairs and Trade joined with the so-called Regional Reconstruction Team (RRT) based in Erbil. By June the RRT's work should be in full-swing, including an economic development project and the Zaytun Division's regional reconstruction duties. The development projects stem from the presence of the South Korean troops in the area.
Labels: geological survey, Korean National Oil Corporation, Kurdistan, oil, Samsung Corporation, SK Corporation, South Korea
