KOGAS allocates USD 3 billion to insure its projects in Iraq

The National Korean Gas Corporation (KOGAS) has allocated USD 3 billion to insure its projects in Iraq. The South Korean News Agency (YONHAP) quoted South Korean MP Wu Yung-kun from the opposition united democratic party and member of the Parliamentary Economic Knowledge Committee, who revealed that the investments of the South Korean Gas Corporation allocated USD 30,694 billion (10% of its total 5-year budget for the period 2013-2017 as projects' insurance allocations. He pointed out that corporate expenditure on insurance of projects outside Iraq attained USD 694 million meanwhile corporate allocations for insurance of projects inside Iraq reach an approximate amount of USD 3 billion for the next five years because of exceptional security conditions. The government-owned South Korean corporation is currently implementing oil and gas projects in four locations in Iraq.