South Korea and Qatar Develop Investment Taskforce

Finance Minister Bahk Jae Wan

Finance Minister Bahk Jae Wan

In Seoul, the Korean Ministry of Land, Transport and Maritime Affairs signed a memorandum of understanding (MOU) with Qatar Holding LLC to outline the creation of a joint infrastructure cooperation taskforce. Qatar has extensive natural gas reserves, while South Korea has a number of conglomerates that are significant in the engineering and shipbuilding sectors. Korean firms are keen on winning more foreign construction projects.

The meetings are planned to occur two times year to discuss prospective investment projects. If a project has merit, the government of South Korea will allocate funds from its global infrastructure fund to be invested alongside the Qatar Investment Authority.

On October 20, 2012, Samsung Engineering Co., Ltd, the biggest engineering firm in Korea was awarded the Yanbu refinery expansion project from Luberef (Saudi Aramco Lubricating Oil Refining Company). It was a US$ 871 million deal. Luberef is a joint venture between Saudi Aramco (owns 70%) and Jadwa Industrial Investment Company (owns 30%).

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