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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 | 04:46am 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.
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