- To help Korean companies win more overseas bids through proactive financial support
- Enabled 20 SMEs’additional exports by providing the support on the condition of using Korean parts and components

■ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced on February 22, Monday, that it would provides $300 million to a petrochemical project in Oman. In the project, Korea’s GS E&C and 20 Korean small parts and components makers will participate.

■ The project is commissioned by Oman Oil Refineries and Petroleum Industries Company, a nationally owned oil refinery company, to build a petrochemical plant in the Sohar Industrial Complex in Liwa, Oman. The total project amount is $6.3 billion, the largest amount in the country’s history.

○ From the on set, K-sure actively participated in the financial negotiation of the project and successfully concluded the deal on the term of debt service undertaking, making the financial structure of the project sound and stable.

■ The project is meaningful as it is the first MLT project of K-sure, providing the cover on the condition of direct participation of Korean small parts and components makers in the project.

○ With such a condition, K-sure provided $180 million of MLT financing, and thanks to this, 20 and more small Korean component makers could also conclude export deals which worth $220 million dollar in total. Considering 30 something SMEs joining the project as subcontractors of GS E&C, the export effect of the deal is expected to be bigger.

■ Mr. Kim Young-hak, president of K-sure stated that “Due to low oil prices, sluggish emerging markets and intensified competition over project winning among global companies, it is getting hard for Korean companies to win overseas projects without reliable and competitive financial supports.

○ With that in mind, K-sure will continue its proactive support to Korean companies to increase their bid-winning competitiveness and promote exports of small Korean SMEs.“