ID :
204878
Fri, 09/02/2011 - 10:01
Auther :
Shortlink :
https://oananews.org//node/204878
The shortlink copeid
S. Korea to help firms resume projects in Libya
SEOUL, Sept. 2 (Yonhap) -- South Korea plans to help local companies resume business operations in Libya after the current civil unrest settles, the government said Friday.
The Ministry of Knowledge Economy said in a meeting of private firms and state-run organizations that there is a pressing need to reestablish two-way economic cooperation that has been cut by the six-month-long struggle to end Moammar Gadhafi's 42-year rule.
It said Seoul plans to make available its US$4 billion industrial plant feasibility study fund and earmark at least 30 percent of its $2.2 billion market development fund for companies operating in Libya.
The ministry also said companies will be able to receive consulting support from the state-run Korea International Cooperation Agency.
Before the unrest broke out, South Korean companies were engaged in eight major projects worth $3.7 billion, all of which were halted. Bilateral trade, which reached $1.4 billion in 2010, has nosedived to $110 million this year.
The ministry, in addition, said that the MEED journal, which provides business intelligence and analysis of developments taking place in the Middle East and North Africa, predicted that development and rebuilding projects in Libya could reach $123.0 billion in the next five years.
Such demand could open new opportunities for South Korean companies that have traditionally done well in winning projects in the past.
The ministry, meanwhile, said that talks will be held with Italy's Eni S.p.A. for the resumption of operations at the Elephant field in the remote Murzuq basin of southern Libya. The field provided 5,000 barrels of crude oil per day to South Korean partners, who own a 4 percent stake in the operation.
It added that a task force of government officials and business leaders will be dispatched to Libya in the near future to discuss other areas of cooperation.
The South Korean government already pledged to give $1 million in cash to Libya's National Transitional Council, which is expected to lead the country after Gadhafi, with local companies saying they will send a separate $500,000 worth of emergency relief supplies to the country.
yonngong@yna.co.kr
The Ministry of Knowledge Economy said in a meeting of private firms and state-run organizations that there is a pressing need to reestablish two-way economic cooperation that has been cut by the six-month-long struggle to end Moammar Gadhafi's 42-year rule.
It said Seoul plans to make available its US$4 billion industrial plant feasibility study fund and earmark at least 30 percent of its $2.2 billion market development fund for companies operating in Libya.
The ministry also said companies will be able to receive consulting support from the state-run Korea International Cooperation Agency.
Before the unrest broke out, South Korean companies were engaged in eight major projects worth $3.7 billion, all of which were halted. Bilateral trade, which reached $1.4 billion in 2010, has nosedived to $110 million this year.
The ministry, in addition, said that the MEED journal, which provides business intelligence and analysis of developments taking place in the Middle East and North Africa, predicted that development and rebuilding projects in Libya could reach $123.0 billion in the next five years.
Such demand could open new opportunities for South Korean companies that have traditionally done well in winning projects in the past.
The ministry, meanwhile, said that talks will be held with Italy's Eni S.p.A. for the resumption of operations at the Elephant field in the remote Murzuq basin of southern Libya. The field provided 5,000 barrels of crude oil per day to South Korean partners, who own a 4 percent stake in the operation.
It added that a task force of government officials and business leaders will be dispatched to Libya in the near future to discuss other areas of cooperation.
The South Korean government already pledged to give $1 million in cash to Libya's National Transitional Council, which is expected to lead the country after Gadhafi, with local companies saying they will send a separate $500,000 worth of emergency relief supplies to the country.
yonngong@yna.co.kr
