articles | 08 February 2013

Korea to strengthen investment and trade with Cyprus

Korea is determined to increase its commercial presence in Cyprus, following the successful deal concluded last month with a consortium of South Korea's KoreaGas Corp and Italy’s Eni (ENI/KOGAS) for hydrocarbon exploration licenses in three offshore blocks.

Presenting his credentials to Cyprus’ President Demetris Christofias, Korean Ambassador Gil-sou Shin has expressed his hopes that the Cyprus government will provide a favourable environment for Korean companies interested in doing business in Cyprus.

Korea imports around $300 billion of natural gas every year, according to the ambassador who said he would like to see more Korean companies establish a presence on the island, once KOGAS sets up its operations.

Gil-sou Shin, accompanied by Seoul’s Honorary Consul in Cyprus, Alkis Iacovides, said that prospects include investors from the banking and services sectors and there is interest from Korea in the privatisation of public assets, such as the Ports Authority. The ambassador noted: “Cyprus also has some fine wines and other foodstuff that Korean consumers would be keen to import.”

Regarding the second licensing round for natural gas exploration, ambassador Gil-sou Shin said: “It is encouraging to see that Korea participates in the project for the development of natural energy resources in the deep sea off the coast of Cyprus.”
The ENI/KOGAS consortium was awarded licences for hydrocarbons exploration in blocks 2, 3 and 9 – bringing the total number of blocks to have been granted licenses within Cyprus’ EEZ to five.

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