Economic and energy cooperation between Korea and Iraq is growing more active since the two countries concluded a landmark deal in April. At that time, Minister of Knowledge Economy Choi Joong-Kyung and Iraqi Deputy Prime Minister for Energy Hussain Ibrahim Al-Shahristani signed a partnership agreement in the presence of the national leaders of both countries.
More recently, STX Heavy Industries cut a deal with the Iraqi Ministry of Electricity to establish 25 diesel power plants in the Middle Eastern country, with a combined capacity of 2,500 megawatts. Under the cooperation agreement, Korea will assist Iraq in carrying out large-scale economic projects, establishing social infrastructure, and developing its economy. Iraq will work to ensure a stable supply of crude oil and allow Korean companies to gain opportunities in joint oil development projects.
