Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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
? 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
08:55pDJShanghai Market Slide Is Still Far Short of 2008 Plunge
08:55p WHITE ROCK MINERALS : 20150630 Extensive Sulphide Alteration Confirmed
08:49p Oil prices tumble after Greek no vote to bailout, China stock market turmoil
08:45p BANK OF JAPAN : Statement by the Governor
08:42p China state media see a 'rainbow' after latest steps to stabilize slumping stocks
08:41p BOJ's Kuroda says Japan financial system remains stable
08:40p HONDA MOTOR : Tamarac motorcyclist killed heading home from birthday dinner in Delray Beach
08:40p GNI : F351 Phase II Clinical Trials in China Initiated
08:40p XIEZHONG : Notice of Extraordinary General Meeting
08:35pDJSuicide Bomb Attack Targets Nigerian Church
Latest news
Advertisement
Hot News 
NATERA : Nasdaq: NTRA) to Ring The Nasdaq Stock Market Opening Bell in Celebration of IPO
UBISENSE : Hit By Contract Delays, To Restructure Operations
SEAE HLDG : SeaSpine Holdings Corporation Begins Trading on NASDAQ
OUTSOURCERY : New Debt Facilities from Vodafone
STADIUM : Trading In Line With China Facility Relocation On Track
Most Read News
06:10p LIPPO MALLS INDONESIA RETAIL : Drawdown Of The Term Loan Facility And Use Of Proceeds
06:19p BOOKS A MILLION : Lee Greenwood to sign his new children's book in Mt. Juliet
06:47p SAMSUNG ELECTRONICS : faces lawsuit from China over smartphone 'bloatware'
06:50p AMA : Additional Placement Information LR 3.10.5A
06:50p SCOTGOLD RESOURCES : CEO Incentive Options
Most recommended articles
08:55pDJShanghai Market Slide Is Still Far Short of 2008 Plunge
08:49p Oil prices tumble after Greek no vote to bailout, China stock market turmoil
08:42p China state media see a 'rainbow' after latest steps to stabilize slumping stocks
08:41p BOJ's Kuroda says Japan financial system remains stable
08:35pDJSuicide Bomb Attack Targets Nigerian Church