Page 18 - Oil&Gas-AustralAsia-2015-Issue-2
P. 18
K OREA
South Korea and Turkmenistan ink energy deals
By Marie RYAN
in more than a year. The Korea Trade Insurance Corpo-
South Korea and Turkmenistan The consortium led by Hyundai ration and the State Bank for For-
have held bilateral cooperation Engineering Company and LG In- eign Economic Relations of Turk-
talks focusing on the diversification ternational Company signed a $940 menistan signed a memorandum
of economic cooperation through million deal with Turkmenistan to of understanding on the provision
the enhancement of energy part- modernize the Central Asian coun- of finances to Korean companies
nerships and trade and investment try’s oil refinery infrastructure. operating in Turkmenistan.
regulations, including a $13 billion The deal is designed to construct South Korean and her Turkmen
scale project, which includes natural facilities that remove sulphur from counterpart observed the signing
gas-to-liquids plant construction gasoline and diesel produced by of the two deals after their summit
and the modernization of essential plants located 500 kilometres north- talks at the presidential office in
oil factories in Turkmenistan. west of its capital Ashgabat. Seoul.
In April Turkmenistan President The consortium also signed an This is Berdimuhamedov’s second
Gurbanguly Berdimuhamedov held agreement with Turkmenistan for visit to South Korea following his
talks with South Korea President another facility – a US$3.89 billion first in November 2008. It is also the
Park Geun-hye in Seoul to enhance plant that will produce naphtha second summit meeting between
bilateral cooperation in the oil by processing natural gas near the Park and Berdimuhamedov follow-
and gas as well as other economic capital city. ing their first during Park’s state
sectors. As part of the Turkmen president’s visit to Turkmenistan in June 2014.
Trade volume between the two visit to South Korea, Daewoo Inter- South Korea has been pushing to
countries stood at $193 million last national and POSCO Engineering secure lucrative projects in Turk-
year, up from $141 million in 2013. and Construction signed a memo- menistan, which holds the world’s
A South Korean consortium signed randum of understanding on coop- fourth-largest natural gas reserves.§
deals with Turkmenistan worth eration in a steel plant construction
$4.8 billion as the leaders of the two in Turkmenistan.
countries held their second summit
The Karakum Desert, Turkmenistan. Image courtesy of David Stanley
A A16 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
South Korea and Turkmenistan ink energy deals
By Marie RYAN
in more than a year. The Korea Trade Insurance Corpo-
South Korea and Turkmenistan The consortium led by Hyundai ration and the State Bank for For-
have held bilateral cooperation Engineering Company and LG In- eign Economic Relations of Turk-
talks focusing on the diversification ternational Company signed a $940 menistan signed a memorandum
of economic cooperation through million deal with Turkmenistan to of understanding on the provision
the enhancement of energy part- modernize the Central Asian coun- of finances to Korean companies
nerships and trade and investment try’s oil refinery infrastructure. operating in Turkmenistan.
regulations, including a $13 billion The deal is designed to construct South Korean and her Turkmen
scale project, which includes natural facilities that remove sulphur from counterpart observed the signing
gas-to-liquids plant construction gasoline and diesel produced by of the two deals after their summit
and the modernization of essential plants located 500 kilometres north- talks at the presidential office in
oil factories in Turkmenistan. west of its capital Ashgabat. Seoul.
In April Turkmenistan President The consortium also signed an This is Berdimuhamedov’s second
Gurbanguly Berdimuhamedov held agreement with Turkmenistan for visit to South Korea following his
talks with South Korea President another facility – a US$3.89 billion first in November 2008. It is also the
Park Geun-hye in Seoul to enhance plant that will produce naphtha second summit meeting between
bilateral cooperation in the oil by processing natural gas near the Park and Berdimuhamedov follow-
and gas as well as other economic capital city. ing their first during Park’s state
sectors. As part of the Turkmen president’s visit to Turkmenistan in June 2014.
Trade volume between the two visit to South Korea, Daewoo Inter- South Korea has been pushing to
countries stood at $193 million last national and POSCO Engineering secure lucrative projects in Turk-
year, up from $141 million in 2013. and Construction signed a memo- menistan, which holds the world’s
A South Korean consortium signed randum of understanding on coop- fourth-largest natural gas reserves.§
deals with Turkmenistan worth eration in a steel plant construction
$4.8 billion as the leaders of the two in Turkmenistan.
countries held their second summit
The Karakum Desert, Turkmenistan. Image courtesy of David Stanley
A A16 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
