KOTRA said Wednesday it hosted a "Post-Middle East Project Partnership," inviting Omani project owners and global project developers.
Following the U.S.-Iran war, strengthening energy security and stabilizing supply chains have emerged as key challenges, driving crude oil and gas development and energy infrastructure upgrade projects across the Middle East. The cost of restoring energy infrastructure damaged by the war is estimated at up to $58 billion (about 87.928 trillion won), and an expansion of high-difficulty plant and engineering, procurement, and construction (EPC) project orders is expected, centered on oil and gas facilities.
The event was held as part of the 55th Wednesday Forum of KOTRA's Overseas Order Council. The Overseas Order Council is a public-private consultative body that KOTRA has operated since 2010 to facilitate networking and information exchange among construction, plant, and engineering companies. Following the outbreak of the Middle East war this year, it held seminars on overseas market trends, legal response measures, and the discovery of alternative markets.
About 90 officials from domestic plant and construction companies attended the partnership. In particular, the Oman Integrated Energy Company (OQEP) visited Korea for the first time to identify domestic companies to participate in projects for strengthening and improving the efficiency of energy security. In addition, LG Nova (003550), which has a local financial partner in Dubai and is pursuing project development in the Middle East and Africa, also attended.
During the briefing session, an OQEP official introduced four oil and gas upstream projects, including a process emission gas capture and utilization project at the Bisat oil field, and explained ways for domestic companies to participate. LG Nova introduced a Middle East data center, an African airport construction project, and an energy transition project. The Export-Import Bank of Korea then presented joint equity investment and loan financing programs for projects, and Dohwa Engineering presented its own project experience.
Afterward, six domestic companies discussed ways to participate in the construction of OQEP's projects and the supply of related materials and equipment, as well as the data center and airport construction being pursued by LG Nova. In particular, OQEP visited two plant component manufacturers to identify additional companies for project participation and verify related technical capabilities, conducting further on-site consultations.
Kim Myung-hee, KOTRA Executive Vice President and head of the Industrial Innovation and Growth Division, said, "Since the signing of the ceasefire memorandum of understanding (MOU) between the United States and Iran, seizing project order opportunities in the Middle East reconstruction market and the Global South market has become important. Using this event as an opportunity, we will strengthen on-site support and help our companies achieve results spanning from project development to EPC orders and equipment exports."
