- Two projects in Bahrain and Oman selected as the winners of LNG and petrochemical categories of 2016 PFI Award.
- K-sure’s support contributed greatly to Korean companies’successful bids to the award winning projects.

■ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced that two projects supported by K-sure’s trade insurance were respectively selected as 2016 Projects of the Year by the Project Finance International (PFI), an internationally-renowned global finance magazine.

○ The two winners are a LNG terminal project in Bahrain and the Liwa petrochemical project in Oman, which were chosen as the LNG Deal of the Year and the Petrochemical Deal of the Year respectively. The winning projects were awarded with the PFI AWARDS 2016 at the award ceremony held on Monday, February 1, in London.

○ PFI is a world-renowned magazine on global finance and projects published by Thomson Reuters, an international multimedia new agency specialized in the global finance and law. The company annually conducts a world-wide review on projects pursued in the year with a full assessment focusing on its selection criteria of project size, funding structure, industrial development contribution, etc. The winners are chosen for each award category defined by the region and industrial type.

■ The prominent part of these two winners is that they were both managed by Korean consortiums and received export credit support from K-sure.

○ From the onset of project tenders, K-sure publicly announced its decision of project funding support in response to the contract condition presented by the sponsors, specifying provision of competitive project financing. Such a strategic move made by K-sure significantly contributed to the contract winning of Korean consortiums in the highly competitive project bids vied by many foreign competitors.

○ Specifically, K-sure provided U$600 million of trade insurance to the Bahrain LNG terminal project, which entails both exports and investment of Korean companies joining the project as an EPC provider and an equity investor. Samsung joins in as an equity investor while GS E&C provides EPC services with its Korean equipment and component providers.

○ K-sure also provided U$500 million of trade insurance to the Liwa petrochemical project in Oman, assisting exports of GS E&C and its subcontractors.

■ An official of K-sure said, “At a time when the financing part is getting more crucial with the increase in project size, the news of award winning of two projects led by Korean companies highlights K-sure’s role and status in the international trade.

○ In 2017 again, as a flagship policy finance institution of Korea, K-sure will continue its proactive funding for Korean companies to assist their successful global business in the overseas project market.“