Seizing the Middle East Reconstruction Market... KOTRA Hosts 'Post-Middle East Project Partnership'

Energy and Infrastructure Reconstruction Market Worth Up to 58 Billion Dollars Opens
OQEP under Oman Investment Authority Visits Korea to Seek Local Partnerships
Over 90 Korean Plant and Construction Industry Representatives Gather

With the United States and Iran signing a memorandum of understanding (MOU) to end the war, a reconstruction market worth up to 58 billion dollars (approximately 87 trillion won) is opening up to restore war-damaged infrastructure. On July 8, the Korea Trade-Investment Promotion Agency (KOTRA) announced that it had hosted the 'Post-Middle East Project Partnership' by inviting clients from Oman and global project developers to expand opportunities for Korean companies to win energy and infrastructure projects.

The "Post-Middle East Project Partnership Briefing" hosted by the Korea Trade-Investment Promotion Agency (KOTRA) is taking place on the 8th. Photo by KOTRA

The event consisted of a project briefing session for clients, a pinpoint consultation meeting, and company visits. Oman Oil Company Exploration & Production (OQEP), a state-owned enterprise under the Oman Investment Authority, attended to identify domestic companies to participate in projects aimed at strengthening and improving energy security and efficiency. LG Nova, which is actively pursuing project development in the Middle East and Africa through local financial partners in Dubai, also discussed cooperation opportunities with Korean companies at the event. More than 90 representatives from domestic plant and construction companies participated as well.

In the first session of the briefing, officials from OQEP introduced four upstream oil and gas projects, including the 'Flare Gas Recovery and Utilization Project' at the Bisat oil field, which collects and recycles process emissions gases. They also explained ways for Korean companies to participate. LG Nova presented projects such as a data center in the Middle East, airport construction in Africa, and energy transition initiatives, expressing a strong intention to find partner companies. The Export-Import Bank of Korea introduced its financial programs, including joint equity investment and loans for projects, while Dohwa Engineering shared its project implementation experience.

The afternoon session featured a pinpoint consultation meeting on the projects. Six Korean companies participated, engaging in in-depth discussions on construction and supply of related equipment (such as centrifugal pumps and compressors for plant components) for OQEP's upstream oil and gas projects, as well as participation in data center and airport infrastructure projects being pursued by LG Nova. On the 9th, OQEP will visit two plant component manufacturers in Korea to further discover potential project participants and directly assess the advanced domestic technology, conducting additional on-site consultations.

This event was held as part of the 55th Demand Forum of KOTRA's 'Overseas Order Council.' The Overseas Order Council is a public-private consultative body operated by KOTRA since 2010 to facilitate networking and information exchange among construction, plant, and engineering companies. This year, following the outbreak of war in the Middle East, the council has hosted seminars on overseas market trends, legal response strategies, and alternative market discovery. In line with these trends, KOTRA plans to continue hosting pinpoint events inviting key clients in the second half of the year, starting with this event.

Myeonghee Kim, Vice President and Head of the Industrial Innovation Growth Division at KOTRA, stated, "Since the signing of the end-of-war MOU between the United States and Iran, it has become increasingly important to seize project opportunities in the Middle East reconstruction market and the Global South. Through this event, we will strengthen on-site support and help our companies achieve results across the spectrum, from project development to EPC contracts and equipment exports."

This content was produced with the assistance of AI translation services.