Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

LS Industrial Systems Co. Ltd. : 2013.05.30 LSIS dramatically expands its Iraqi business to smart grid and new and renewable energy areas

05/30/2013 | 03:46am US/Eastern
Recommend:
0
? Iraqi Minister of Electricity invited to Seoul to take a tour of power solution production infrastructures
? Minister Kareem Aftan expresses immense satisfaction with production lines of LSIS
? Asks LSIS to engage in the supply of all power materials including smart grids and solar energy through comprehensive cooperation
? "We will concentrate on all practical solutions to meet client requests" - Vice Chairman Koo Ja-kyun
LSIS has earned USD 350 million worth of orders from Iraq alone for the past two years involving projects of constructing substations, DCC (Distribution Control Centers), etc. This time, the company has seized an opportunity to expand to smart grid and new and renewable energy areas, thereby leading the local power infrastructure market.
LSIS Vice Chairman Koo Ja-kyun invited the Iraqi delegation - led by Iraq's Minister of Electricity - to take an inspection tour of its solution production fields and confirm an exclusive cooperative relationship with the Iraqi government to expand its business areas further. LSIS has already won massive orders for the past two years.
On May 19 ~ 25, an 11-member delegation led by Iraqi MOE Kareem Aftan including chief officers in power generation, transmission, and distribution visited LSIS in Seoul.
On May 25, LSIS and the MOE-led delegation held the final meeting at LSIS Tower in Anyang, Gyeonggi Province where, in addition to the ongoing business, they agreed to cooperate on expanding their business to smart grid and solar energy power infrastructures.
According to Minister Aftan, they have known a lot about LSIS, which successfully performed their project. "This time, when we toured various production lines of the company, we confirmed the company's outstanding capabilities, which exceeded our expectations. We have been convinced further that LSIS is capable of cooperating on all projects led by MOE," he explained.
He added that the DCC business enabled them to commence the smart grid business. "Still, we want to receive LSIS's green business solutions such as smart meter systems and solar energy systems. From a long-term perspective, we need to maintain our business relationships," he stressed.
According to Vice Chairman Koo Ja-kyun, they have been working together with the Iraqi government for two years; in the process, MOE working staff confirmed LSIS's technology through fact finding. "During his short itinerary, however, he toured our production frontlines by riding a helicopter and closely checked the details, impressing me a lot. We will do our best to mobilize all available solutions to upgrade Iraqi power infrastructures," he said.
The minister-led delegation made a tour beginning at Cheongju Plant on May 20 and moved to Jeju Smart Grid Complex and HVDC Complex on May 21 and to Busan Plant on May 22. They inspected LSIS's production lines of devices and systems supplied to Iraq and confirmed smart grid and new and renewable energy sites to review the possibility of furthering their business with LSIS.
distributed by
Recommend :
0
React to this article
Latest news
Date Title
<1m ago REPSOL : Iran Oil & Gas 2014 Summit in Dubai to discuss Iran's substantial oil reserves
<1m ago NCQA Names New Executive VP to Lead Research, Performance Measurement and Analysis
1m ago TUPPERWARE BRANDS : Emerging markets help Tupperware beat St. view
1m ago BOEING : posts higher adjusted profit, raises 2014 forecast
2m ago Earnings shine but string of Wall St gains stalls
2m ago WINCOR NIXDORF : Tesco Names Wincor Nixdorf 2013 IT Supplier of the Year
2m ago GIELDA PAPIEROW WARTOSCIOWYCH WARSZAWIE : Communiqué
2m ago VOLKSWAGEN : are the most popular employers with young engineers
2m ago RESTOQUE COMERCIO E CONFECOS DE ROUPS : Notice to Shareholders
2m ago POZAVAROVALNICA SAVA DD : Notice on 28th General Meeting Resolutions
Latest news
Advertisement
Hot News 
IRONVELD : Shares Jump 26% As Study Confirms Viability Of Iron Project
ZOTEFOAMS : Unilever to use Zotefoams's MuCell® Extrusion technology for its Dove Body Wash Bottles in Europe
OROGEN GOLD : Full-Year Pretax Loss Widens On Impairment
IOFINA : Reduces Production Expectations On Fracking Plans
CRESTON : Trading Statement and Directorate Change
Most Read News
1d ago GENERAL MOTORS : GM seeks U.S. court protection against ignition lawsuits
1d ago MCDONALD : Yum Brands' China restaurant sales improve, shares rise
6h ago VERIZON COMMUNICATIONS : : 2014 Data Breach Investigations Report Identifies More Focused, Effective Way to Fight Cyberthreats
1d ago ETHAN ALLEN INTERIORS : Reports results for quarter ended march 31, 2014
1d ago LG HOUSEHOLD & HEALTH CARE : & Healthcare considering bid for Elizabeth Arden
Most recommended articles
3h ago Global share rally peters out, euro lifted by PMI boost
2h ago Weaker FTSE 100 gets support from ABF and AstraZeneca
1d ago Barclays joins retreat from commodities as new rules bite
6d ago BLACKSTONE : earnings rise 30 percent, boosted by private equity gains
2m ago Earnings shine but string of Wall St gains stalls
Dynamic quotes  
ON
| OFF