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S. Korea launches consultative body for projects in UAE, Vietnam

All Headlines 11:18 May 02, 2018

SEOUL, May 2 (Yonhap) -- South Korea launched a consultative body composed of government and company officials to push for major development projects in the United Arab Emirates (UAE) and Vietnam following President Moon Jae-in's visits to the two nations, the trade ministry here said Wednesday.

Senior officials from the state-run energy utilities and construction companies, as well as state-run lenders and trade promotion agencies, held their first meeting to check details of upcoming projects in the two nations.

The consultative body is part of follow-up measures after Moon discussed various bilateral cooperation projects and development assistance during his visits to the UAE and Vietnam in March.

The Ministry of Trade, Industry and Energy said it will classify 25 major projects into three categories -- engineering, procurement and construction; oil field exploration; and build–operate–transfer -- to provide specific support.

The UAE is expected to place orders for 15 projects, including the construction of a refining factory, a petrochemical complex and other energy facilities.

The ministry said it will send a business delegation to the Downstream Investment Forum in Abu Dhabi slated for May 13-14, which will unveil the UAE's investment and partnership opportunities in the refining and petrochemical sector.

During Moon's state visit to the UAE, Samsung Engineering Co., a major South Korean engineering company, won contracts worth $3.5 billion from the state-owned oil company of the United Arab Emirates (UAE) to process crude oil and build power generation facilities.

The UAE's first reactor is technically ready to start operation this year or early next year, while three others are due to go online by 2020. The combined output of 5,600 megawatts at the power plant will supply up to 25 percent of the UAE's electricity needs.

Vietnam has also emerged as a major export market as a growing number of Korean companies have established factories and increased investment in the Southeast Asian nation.

Vietnam is expected to announce plans to build new coal-fired power plants to meet its growing energy needs, which have been coveted by the state-run Korea Electric Power Corp. and other construction companies.

In 2017, the Asian countries' bilateral trade came to $63.9 billion, according to the government data. Vietnam is South Korea's fourth-largest trading partner, and South Korea is Vietnam's second largest.

The entrance sign of the Ministry of Trade, Industry and Energy in Sejong (Yonhap)


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