Seoul to Invest $27b in Oman Energy

Seoul to Invest $27b in Oman Energy

Oman agreed to allow South Korean companies to participate in the country’s large-scale energy and infrastructure projects, which are estimated to a total cost of $27.1b. In addition, the two sides discussed bilateral cooperation on 25 items in 12 areas, during the fifth Korea-Oman Economic Cooperation Committee meeting that was held in Seoul, Korea Times reported.

The two countries agreed to build a refinery in Duqm, a petrochemical plant in Sohar, the Oman-Iran underwater gas pipeline, a national railway network and other related facilities, according to KBS World Radio. Furthermore, both countries will launch a working-level group of experts from the government and business community to discuss cooperation in renewable energy and an energy storage system. They will also seek an agreement for information and experience sharing between regulatory bodies.

A ministry official said: “we will jointly launch a working negotiation group to assess the implementation of the agreements”. He added that “we intend to hold the first meeting next year”.

It is expected that Oman will consider setting up a Korea Desk that will assist Korean companies operating in the country and serve as a one-stop center for solving administrative problems.


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