Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  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
? 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
React to this article
Latest news
Date Title
04:55p MANCHESTER UNITED : BRUCE: WE CAN CAUSE A SHOCK ; Tigers boss believes his side are capable of knocking out Man City
04:55p MANCHESTER UNITED : Huddlestone shares vivid Cup memories ; Success with Tottenham keen to be relived with the Tigers
04:55p OXFORD : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
04:55p PHARMA BIO SERV : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
04:55p GREAT BASIN SCIENTIFIC : Roy Jacobs & Associates : Continues and Expands Investigation on Behalf of Great Basin Scientific, Inc. Shareholders
04:55p Fitch Rates Golden Credit Card Trust, Series 2015-4; Outlook Stable
04:54p CARRIAGE SERVICES : Lighting of Community Christmas Tree held
04:54p AGEAS/NV : City insurance firm scoops Gold Standard
04:54p OLD DOMINION FREIGHT LINE IN : VA : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
Latest news
Hot News 
UBS : House View 2016 & Beyond: A world in transition
Giga-tronics Signs Software Agreement With Lockheed Martin
MINCO : 2015 Q3 Interim Financials
ISG : Expects Loss For UK Construction Arm, Other Units In Line
PLUTUS POWERGEN : Placing of shares in Plutus Powergen plc
Most Read News
11/30 ANCHOR CAPITAL CORPORATION : Announces Proposed Qualifying Transaction
04:53p TSX breaks higher, led by financials and energy
03:08a ROBECO NV : builds presence in the UK
11/30DJAustralia Current Account Deficit Narrows
11/30DJJapan Pension Fund Hedges Against Currency Moves
Most recommended articles
04:53p TSX breaks higher, led by financials and energy
04:53p FACEBOOK : Zuckerberg to give 99 percent of shares to charity
04:53pDJMARK ZUCKERBERG : Mark Zuckerberg, Priscilla Chan to Give 99% of Facebook Stock to Philanthropy
04:48pDJCURRENCIES : Dollar Falls On Weak Data, Dovish Fed Talk
04:45pDJGilead Knew Hepatitis Drug Price Was High, Senate Says