|
|
|
| NEWS |
|
|
|
| Welcome to Wanjoo Metals |
HOME > CUSTOMER CENTER > NEWS |
|
|
|
|
| TITLE |
Korea Signs Deal With Iraq for Rehabilitation |
| WRITER |
administrator |
DATE |
2009-02-25 10:13:44 |
|
|
|
Korea Signs Deal With Iraq for Rehabilitation
02-24-2009
By Na Jeong-ju
Staff Reporter
South Korea and Iraq struck a $3.55-billion deal Tuesday to develop oil reserves in southern Iraq and construct social infrastructure in the war-torn Middle Eastern country, Cheong Wa Dae said.
President Lee Myung-bak and Iraqi President Jalal Talabani signed a memorandum of understanding at their summit at Cheong Wa Dae to give South Korean firms the rights to participate in rehabilitation projects in Iraq, the office said.
``The accord paves the way for Korean firms to develop oil reserves in Iraq's Basra region, where most Iraqi oil is produced,'' Cheong Wa Dae said.
In return, Seoul will help build power plants and other forms of public infrastructure.
Talibani, 76, arrived in Seoul Monday for a four-day state visit as the first Iraqi president to visit South Korea since the two countries established diplomatic ties in 1989.
Baghdad plans to spend some $150 billion over the next eight years on rehabilitation projects. Seoul hopes more South Korean businesses will be able to have more business opportunities there.
``President Lee also requested that South Korean businesses be allowed to take part in Iraq's $550 million project to buy new generators and another project to design a new oil refinery, worth $84 million,'' according to the press release.
The two leaders discussed a wide range of issues, including cooperation in energy, reconstruction and defense, as well as expanding the role of our businesses in the rehabilitation of Iraq, Cheong Wa Dae officials said.
Talabani called for strengthening the Korea-Iraq relationship, while thanking Lee for Seoul's contribution so far in helping to rebuild his country.
President Talabani particularly noted the important role played by South Korea's Zaytun unit in establishing peace in Iraq and rebuilding the country,'' the office said. The Zaytun unit was deployed in Iraq from 2004 to late last year.
Furthermore, Seoul's Incheon Airport Corp. and Iraq's Kurdistan regional government signed a $31-million deal to provide the Korean airport's operating systems to airports in Iraq, marking the first time for a Korean airport to export operating systems, the presidential office said.
Korea's leading business associations, including the Korea Chamber of Commerce and Industry (KCCI), invited the Iraqi head of state to a luncheon at the Shilla Hotel. Executives of some 110 Korean enterprises, including Korea National Oil Corp., LG International Corp., GS Caltex and STX Shipping attended the meeting.
Talibani also plans to visit the plants of SK Energy, Hyundai Heavy Industries and POSCO's southeastern industrial complex.
Resource from www.koreatimes.co.kr
|
|
|
|
|
|
|
| [ L I S T ] |
|
|
|
|
|
|
|
|
|
|
|
|
WanJoo Metals All rights reserved. |
|
TEL : +82-2-585-2581, 2571, FAX : +82-2-585-2587, 8799 |
|
FL.2 DaedeokPlaza Bldg, 206, Geumgok-Dong, Bundang-Gu, Seongnam-Si, Gyeonggi-Do 463-480, Korea |
|
|
|
|
|
|
|
|
|
|
|
|
