Thursday, September 13, 2007
Iraq may offer S. Korea favourable terms for oilfield development
Oil
(Earth Times) - Iraq may offer South Korea enhanced terms for developing an oil field because of Korea's work in reconstruction. The Korea Information Service reports the possible favorable terms for the Halfaya field near Amara, Iraq, were discussed during a meeting in Dubai between Oil Minister Hussain al-Shahristani and Kim Young-joo, South Korea's minister of commerce, industry and energy.S hahristani was in Dubai attending an Iraq oil conference.
Halfaya has an estimated 3.8 billion barrels of oil reserves, and Iraq wants it to produce 200,000 barrels per day. Shahristani said South Korea may draw down the bidding qualifications for the field because of the support South Korea has given to Iraq oil and reconstruction development efforts. The Korea National Oil Corp. had signed a contract in 1997 for the field. There were a handful of contracts signed by Saddam Hussein. Shahristani has said that those the government recognizes as still valid will be renegotiated under terms set by a proposed federal oil law.
Labels: Halfaya field, Hussain al-Shahristani, Kim Young-joo, Korea National Oil Corp., South Korea
Monday, August 13, 2007
South Korean consortium signs Kurdistan construction deals worth $25 bn.
Kurdistan
(AFP) - A South Korean construction consortium announced Friday it has signed interim deals worth 25 billion dollars to build dams, highways and houses in Iraqi Kurdistan. The 13-company consortium said it signed a memorandum of understanding with the government of the automomous region in late July in Arbil, where about 1,200 South Korean troops are stationed.
"A deal to build houses and highways was signed with the Ministry of Construction and Housing of the Kurdish government on July 21, and another deal to construct dams was signed with the Ministry of Water Resources on July 24," James Chun, an official at the consortium, was quoted by Yonhap news agency as saying."We will enter into a formal contract to construct houses and highways within six months, and another one to build dams within 18 months.
"Under the deal the South Korean firms will construct houses, five multipurpose dams and highways spanning 182 kilometres (114 miles) to link Arbil with the border city of Zakho, Chun said.The consortium includes Hyundai Engineering and Construction, Sungwon Corp, Posco Engineering and Construction, Hanshin Construction and Dongmoon Construction.The South Korean troop contingent, the third largest in the US-led coalition, provides medical services and builds roads, power lines and schools.The Seoul government has yet to decide whether to extend their stay or withdraw them.
Labels: construction, Dongmoon Construction, Hanshin Construction, Hyundai Engineering and Construction, James Chun, Kurdistan, Posco Engineering and Construction, South Korea, Sungwon Corp
Wednesday, July 25, 2007
Iraq beats South Korea in 14th Asia Cup of nations semi-finals
Sport
(Reuters) - Iraq's soccer players dedicated Wednesday's dramatic Asian Cup semi-final win over South Korea to the people of their war-torn country. Iraq reached their first Asian Cup final with a 4-3 penalty shootout victory after a fluctuating match finished 0-0 at the end of extra time.
"Only happiness in our camp... everyone is very happy and we have reason to be happy. This victory is for the Iraqi people because they deserve that," Iraq coach Jorvan Vieira told a news conference. "There is only happiness in our camp and our boys worked very hard to achieve it," the Brazilian added. "We are in the final and it is very difficult for me to tell you how I feel now."
Iraq goalkeeper Noor Sabri saved Korea's fourth spot-kick and was named man of the match. "I would like to congratulate all my people in Iraq for this great victory," he said. "We know the current situation in Iraq and the difficulties. "We know we are struggling inside Iraq and we have to struggle on the field," Noor added. "This is a very modest thing we can give to our people."
Noor said he was proud to get the better of Korean goalkeeper Lee Woon-jae, Korea's hero in their quarter-final shootout win over Iran. "Last week they called the (Korean) goalkeeper the king of penalty kicks, but I managed to overcome him," Noor said. "In penalties so much depends on luck but we managed it."
"Only happiness in our camp... everyone is very happy and we have reason to be happy. This victory is for the Iraqi people because they deserve that," Iraq coach Jorvan Vieira told a news conference. "There is only happiness in our camp and our boys worked very hard to achieve it," the Brazilian added. "We are in the final and it is very difficult for me to tell you how I feel now."
Iraq goalkeeper Noor Sabri saved Korea's fourth spot-kick and was named man of the match. "I would like to congratulate all my people in Iraq for this great victory," he said. "We know the current situation in Iraq and the difficulties. "We know we are struggling inside Iraq and we have to struggle on the field," Noor added. "This is a very modest thing we can give to our people."
Noor said he was proud to get the better of Korean goalkeeper Lee Woon-jae, Korea's hero in their quarter-final shootout win over Iran. "Last week they called the (Korean) goalkeeper the king of penalty kicks, but I managed to overcome him," Noor said. "In penalties so much depends on luck but we managed it."
Labels: 14th Asia Cup of Nations, football, Iraq, Japan, Jorvan Vieira, Kuala Lumpur, Mahmoud Yunus, Noor Sabri, soccer, South Korea, Taeguk Warriors
Tuesday, April 24, 2007
Iraq in joint venture with South Korea to rebuild oil tankers
Oil, Business
(IDP) - Iraq aims to rebuild its ageing fleet of tankers to carry its crude oil exports and is planning to form a joint venture shipping company with a South Korean firm, the oil ministry's spokesman said on Monday. "Iraq needs new huge oil shipping tankers to be capable of shipping exported crude oil," Asim Jihad said. "South Korea will provide a fleet of...tankers to form a joint shipping company run by the Iraqis, and South Korea will have a share of profits of transporting crude oil.
He said no agreement had been signed, but an "agreement in principle" was struck between Iraq's oil minister and his South Korean counterpart during a visit to Seoul earlier this month. Jihad said ownership of the fleet would be transferred to Iraq's oil ministry after a period that would be specified in the final agreement. He did not disclose the name of the South Korean company. Other foreign companies had approached the ministry with offers to help rebuild Iraq's tanker fleet, which was crippled by decades of war and sanctions, Jihad said. Iraq's once-proud Oil Shipping Company, which used to transport crude oil from the country's oil terminals in the Gulf city of Basra to refining facilities around the globe, has been out of operation since 1980. Tankers now loading at Basra's terminal are foreign-owned.
On his visit to Seoul, Iraqi Oil Minister Hussain al-Shahristani signed a cooperation deal with South Korea's energy minister, Kim Young-joo, on broadening opportunities for South Koreans to secure oilfields in Iraq. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), has the world's third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.
Labels: Asim Jihad, Hussain al-Shahrastani, Kim Young-joo, oil tankers, South Korea
Friday, April 13, 2007
Iraq targets 3 million bpd 2007 oil production
Oil, South Korea
(Reuters) - Iraq hopes to raise oil production by nearly 1 million barrels per day (bpd) this year, achieving its long-held target of 3 million bpd by restoring northern exports, its oil minister said on Thursday. Iraq has struggled to overcome the sabotage and outdated infrastructure that has hobbled its production since the U.S.-led invasion of 2003, largely due to unrelenting attacks on a key pipeline that runs north through Turkey. It has regularly fallen short of production and export targets aimed at restoring pre-war levels.
"Iraq wishes to exceed producing 3 million barrels a day in 2007 -- this is achievable by repairing the northern pipeline that connects to the Mediterranean," Hussain al Shahristani told Reuters after a meeting with South Korean energy officials. Iraq produced 1.97 million bpd in March, up from 1.89 million bpd in February, a Reuters survey shows, but Shahristani said last December that 2006 production averaged 2.3 million bpd.
Despite the weak production figures, exports climbed last month to 1.62 million bpd, the highest since last September, on increased shipments from the southern Basra oil terminal, shipping sources said. Shahristani said the country was targeting oil production of more than 4 million bpd in 2011. Shahristani was in Seoul to sign a cooperation deal with South Korea's energy minister Kim Young-joo on broadening opportunities for South Koreans to secure oilfields in Iraq, anxious to inject new investment into the ailing industry.
In 1997, state-owned Korea National Oil Corp. (KNOC) and Iraq's oil ministry under Saddam Hussein signed a preliminary deal to develop the Halfaya oilfield, estimated to hold up to 3.8 billion barrels of reserves and produce 250,000 bpd. The South Korean energy ministry said the deal was never followed through due to United Nations financial sanctions against Iraq. But Iraq will "positively consider" involving South Korea in the field once oil legislation is in place, according a memorandum of understanding signed by the two sides on Thursday.
Iraq issued invitations for 15 Arab, Asian and American firms to drill 100 oil wells in the country's south as part of efforts to boost production, the oil ministry said earlier this month. "It is achievable to pass the [draft oil] law within two months since all political parties are in favor," Shahristani said. The law will also restructure the Iraq National Oil Company (INOC) as an independent holding firm and establish a Federal Council as a forum for national oil policy.
"Iraq wishes to exceed producing 3 million barrels a day in 2007 -- this is achievable by repairing the northern pipeline that connects to the Mediterranean," Hussain al Shahristani told Reuters after a meeting with South Korean energy officials. Iraq produced 1.97 million bpd in March, up from 1.89 million bpd in February, a Reuters survey shows, but Shahristani said last December that 2006 production averaged 2.3 million bpd.
Despite the weak production figures, exports climbed last month to 1.62 million bpd, the highest since last September, on increased shipments from the southern Basra oil terminal, shipping sources said. Shahristani said the country was targeting oil production of more than 4 million bpd in 2011. Shahristani was in Seoul to sign a cooperation deal with South Korea's energy minister Kim Young-joo on broadening opportunities for South Koreans to secure oilfields in Iraq, anxious to inject new investment into the ailing industry.
In 1997, state-owned Korea National Oil Corp. (KNOC) and Iraq's oil ministry under Saddam Hussein signed a preliminary deal to develop the Halfaya oilfield, estimated to hold up to 3.8 billion barrels of reserves and produce 250,000 bpd. The South Korean energy ministry said the deal was never followed through due to United Nations financial sanctions against Iraq. But Iraq will "positively consider" involving South Korea in the field once oil legislation is in place, according a memorandum of understanding signed by the two sides on Thursday.
Iraq issued invitations for 15 Arab, Asian and American firms to drill 100 oil wells in the country's south as part of efforts to boost production, the oil ministry said earlier this month. "It is achievable to pass the [draft oil] law within two months since all political parties are in favor," Shahristani said. The law will also restructure the Iraq National Oil Company (INOC) as an independent holding firm and establish a Federal Council as a forum for national oil policy.
Labels: Halfaya oilfield, Hussain al-Shahristani, INOC, Iraq National Oil Co., KNOC, Korea National Oil Corp., South Korea
Thursday, April 05, 2007
Al-Maliki to visit South Korea
International, Politics
(AP) - Iraqi Prime Minister Nouri al-Maliki will visit South Korea next week for talks with President Roh Moo-hyun expected to focus on economic cooperation, Roh's office announced Thursday. During a three-day trip starting Wednesday, al-Maliki will discuss cooperation in natural resources, electricity and construction, as well as Seoul's support to rebuild the Middle East nation, the presidential office said in a statement. Al-Maliki will also hold talks with South Korean business leaders and tour local industrial facilities, it said. Iraqi officials accompanying al-Maliki will include the ministers for oil, electricity and industry, the office said. South Korea has about 2,300 troops in Iraq on a reconstruction mission.
Labels: Nouri Al-Maliki, President Roh Moo-hyun, South Korea
Wednesday, March 28, 2007
South Korean company wins deal to build power stations in Iraq
Business, Reconstruction
(Iraq Directory) - South Korean U.A Energy Company said on Thursday that it had won the deal to build power stations in Iraq, overcoming the competitor German and Finnish companies. The company said that the stations, which consist of 60 containers with a capacity of 1.6 kilowatts, are portable and easy to transport compared with regular power stations. The construction will take between six and eight months.
The Stations, contracted on, will generate total of 306 megawatts of energy enough to fill the needs of 120,000 Iraqis. U.A Energy would subcontract with Hyundai Heavy Industries for implementing this project. The implementation of the project is scheduled to be completed in March 2009.
The Stations, contracted on, will generate total of 306 megawatts of energy enough to fill the needs of 120,000 Iraqis. U.A Energy would subcontract with Hyundai Heavy Industries for implementing this project. The implementation of the project is scheduled to be completed in March 2009.
Labels: Hyundai Heavy Industries, power stations, South Korea, U.A Energy Company
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
