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Investments Between Qatar and South Korean Governments in Oil & Gas Industry and Others - Essay Example

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Investments Between Qatar and South Korean Governments
The two countries, as will be highlighted in details later in the paper signs a memorandum of understanding (MoU) outlining the creation of a joint infrastructure cooperation taskforce. …
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Investments Between Qatar and South Korean Governments in Oil & Gas Industry and Others
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Investments Between Qatar and South Korean Governments in Oil & Gas Industry and Others Theaim of this research is to avail a detailed analysis of the joint investments between Qatar and South Korean governments, principally in oil and gas industry and also in other industries. These two countries, as will be highlighted in details later in the paper signs a memorandum of understanding (MoU) outlining the creation of a joint infrastructure cooperation taskforce. While Qatar possesses extensive natural gas reserves, South Korea has numerous conglomerates that are momentous in the engineering and shipbuilding sectors. So as to have a clear understanding of this investment partnership of the governments, this research paper begins by giving an overview of Qatar’s oil and natural gas reserves (ESQ 1). Introduction The 1970s’ oil and economic boom did play a very central role in promoting the economic growth of the Gulf Cooperation Council (GCC) countries. The enormous revenues so derived from the exportation of oil and natural gas saw these countries make immense investments in both infrastructure and development. Such investment necessitated a labor force that surpassed the countries’ local supply (Commercial Bank of Qatar 1). Although this deficiency in labor force can be attributed to the small indigenous populace in these countries, the situation was worsened by the fact that a majority of the citizens hardly qualified for the required tasks. This saw through overseas experts being called upon to remedy the situation. Moreover, with the subsequent expansion in the industry, Qatar and South Korea have become destinations for expats in search of employment. This has a result seen the two countries enter into joint infrastructural and development ventures (COP18/CMP8 1). Literature Review Qatar is a small peninsular country located in the Persian Gulf. This notwithstanding, the country has in the past emerged as a partner of not only the United States- and more especially in hosting major military facilities of the United States- but also with other countries the likes of South Korea. Statistics have indicated that Qatar is the third largest holder of natural gas reserves in the world, with an estimated reserve capacity of 896 trillion cubic feet. Besides, its small citizenry has seen the nationals enjoy the global highest per capita income. Shaykh Hamad bin Khalifa Al Thani, the Emir of Qatar has been able to manage a course of the principal economic growth (Expo 2012 1). After replacing his father, limited political liberalization has taken place under the leadership of The Emir. It is however worth noting that Shaykh has seen through several projects capitalizing on the country’s hydrocarbon resources with such benefits as improvements in the educational opportunities for the Qatar nationals and economic diversification being realized (SWF 1). In 1999, the state-owned oil company, Qatar Petroleum, increased its crude oil production to 824 000 barrels per day from 593000 barrels per day. By 2012, crude oil production by the company is at 730000 barrels per day. Nevertheless and owing to the fact that there are likelihoods of oil reserves becoming exhausted in the event that the current production rate remain unchanged, Qatar has rapidly moved to the exploitation of the vast natural gas reserve so as to meet the demands of its importers who include South Korea, Singapore and Japan (Williams 1). And as part and parcel of the country’s long-term development strategy, Qatar has tapped international financial markets and entered into investment with countries like South Korea. The country has also invited foreign investment in the recent past in an effort to finance the expansion of its gas extraction and liquefied natural gas production facilities. Apart from partnering with the South Korean government in the oil and gas industry, Qatar through Qatar Holding LLC did sign a memorandum of understanding with the Korean ministry of land, Transport and Maritime Affairs outlining the coming up with a joint infrastructure collaboration taskforce. Despite the fact that Qatar has the extensive natural gas reserves, exploiting them to the maximum was a challenge to the country due to lack of expertise. Consequently, Qatar entered into a joint investment with South Korea since the latter is well known for its numerous conglomerates that are quite a necessity in the engineering sector as well as shipbuilding sector (Williams 1). In their MoU, these two countries are supposed to meet twice a year for purposes of discussing about forthcoming investment projects. In the event that a project is feasible, South Korean government does the allocation of the funds- usually from the country’s global infrastructure fund- and this is invested hand in hand with Qatar Investment Authority. The proposal to set up a Joint Business between the two countries, and being under the supervision of the Qatar-South Korea Joint Business Council, is so arranged in efforts to look for the various ways through which cooperation between these partnering countries can be boosted in terms of trade and business. According to the South Korean administration, the rate at which the economy of Qatar was growing is a very fast one and this presents a momentous opportunity for growth in the business sector- and more particularly in the small and the medium enterprise sectors where the potential is unlimited. Lyoe, Korea’s Minister argues out that the business trade set-up with Qatar is friendly and that Qatar has a politically stable government whose vision in far-reaching. Besides, the proximity between these two countries positions Qatar to becoming Middle East’s hub for business development (Business Monitor International 1). In addition, for Qatar to do business together with South Korea is to a certain extent attractive especially when it is factored in that South Korea is among the leading economic performers among the Organization of Economic Cooperation and Development (OECD) countries. As a matter of fact, South Korea- with a 61% of the world’s gross domestic product (GDP) - enjoys a vast economic territory via a number of federal trade associations such as the U.S. and the European Union, (EU). Over and above the abovementioned South Korea is presently carrying out talks for a free trade association with the Gulf Country Council. According to the South Korean administration, entering into joint development business with Qatar is a means of boosting bilateral trade between the two countries, and more especially at a non-governmental level (MOFA 1). Qatar is doing all that it can so as to make certain that its gas sector products are fully market. This has so necessitated for the country to seek for not only long-term sale agreements but also for purchase agreements with other countries the likes of Japan and South Korea as well as Petronet Company of India in the exportation of liquefied natural gas (LNG) produced by both Rasgas and Qatargas. Moreover, more and more purchase and sale agreements and heads of agreements are being signed between these two countries and the world’s largest oil and gas companies (Doha Bank 1). Likewise, massive large-scale projects are proceeding at the moment so as to setup better and considerably larger LNG producing units. Qatar, on its parts, is purposing to make an investment totalling to USD 25 million in the next six or so years so as to increase its present liquefied natural gas export capacity in excess of four times so as to reach the mark of 63.5 million ton. At the present time, Qatar does export approximately fifteen million tons of liquefied natural gas to the United States of America, Japan and South Korea on an annual basis (OBG 1). In an effort to boost the exportation of more oil and gas to the countries within the Asian continent via the Gulf emirate, Qatar and South Korean did- in the recent past- ink an energy agreement. Although the agreement details have not been offered to the general public in details, South Korea is in the market to securing for itself a considerably lengthy supply contracts for LNG, with a hope that the imports of this LNG will reach an annual mark of 4.5mn tonnes. Qatar being one of the Middle East’s prominent LNG exporters stands a better position to meet a great percentage of this demand. As a matter of fact, Qatar’s LNG exports are forecasted to shoot up to 51.4bn cubic metres as additional capacity. According to some forefront South Korean government leaders, the joint investment between these two countries of the Middle East is likely to see the prevalent scenario in the economy of the world as well as the fundamental challenge that economies are facing move from crisis to stability (Doha Bank 1). Moreover, the government leaders argue out that with such a bilateral investment association, the global economy is in the offing of growing by 3.3% by the end of 2012, while advanced economies on their part are expected to record a 1.3% growth by the end of the same year. Though the growth in the Euro zone is likely to contract (by 0.4%), emerging economies are anticipated to record a 5.3% expansion. Growth in most of the large developing countries is likely to slow since less will be exported to the United States of America and Europe. Spillovers from the so called advanced economies and the prevalent domestic issues in the emerging and developing economies will hold-back activity in the developing economies and the emerging market. Nevertheless, the global economy has to be revived since there is a likelihood of insufficient policy or delayed policy action doing more to escalate the crisis in the Euro area. With the joint investment in oil and gas industry between Qatar and South Korea, it is anticipated that the Gulf Countries Council gross domestic product at the current prices is going to grow to USD 1.48 trillion as the sun sets in 2012. Additionally, the current account balance is expected to record improvements on the account of high oil prices. With the demand for energy having been reported to have been on the increase in the last couple of years across the globe, it is foreseeable that the GCC will be in a position of generating quantifiable fiscal surplus. This will at the end substantially improve GCC’s position of balance of payments (BOP), which will further see these visionary states make more sound investments in industrial and infrastructural sectors and other overseas investments (Doha Bank 1). In making elaborations as pertains to the state of Qatar’s emergency as an exemplar for transformation on the social and economic fronts, it has been documented that Qatar has over and again effectively followed true globalization principles which are propelling the entire world’s economies through a course of progressive liberalization and reconstruction under an astute leadership. By the end of 2012, Qatar- through the exploitation of oil and gas reserves in collaboration with South Korea is expected to record a growth of more than 6%. Beyond 2012, the country’s growth is expected to be dependent on non-hydrocarbon economy. At the present time, Qatar’s budget majorly focuses on the principal infrastructural projects (Yonhap News Agency 1). Investment in the oil and gas industry between Qatar and South Korea has led to a boom in the bilateral trade between these two countries as well as between each individual country and the Gulf Countries Council. For instance, the bilateral trade between South Korea and Qatar between 2009 and 2011 has led to the increase in trade from USD 9.7 billion to USD 21.5 billion on account of export increments. South Korean imports from Qatar mainly include gas and oil, while the same country exports automobiles and electronics to her investment partner. The information technology provider for the Korea 2002 World Cup, Samsung, has even been lured to offering its technology for the Qatar World Cup 2022. Key focus projects in this event include engineering, procurement and construction (EPC) projects (Doha Bank 1). These projects do account for around 60% of all the Korean EPC contracts overseas with an aggregated value of $43.3 billion. Notably, Qatar is a principal EPC market for South Korea. Moreover, Hyundai Heavy Industries did pocket the Barzan Gas Project of the engineering, procurement and construction contract. This project is at the present time the largest gas project to have ever been in existence in the region. According to reports from Doha Bank (1), the Korean companies taking part in this project will be financing the project via Export Credit Agencies (ECAs). For instance, Korean EXIM (K-EXIM)- one of the ECAs- took central roles in availing support in terms of financing mega oil and gas projects. Additionally, K-EXIM did support the Dubai trade finance, where out of the USD 7.2 billion debt raised for the Qatar’s Barzan natural gas project, Korea handed in USD 1 billion while the capex $225 billion is expected to be in Qatar by 2016. It is therefore notable that in the infrastructure boom, South Korean engineering, procurement and construction companies do play a very central role (Doha Bank 1). Methodology There are a number of likely avenues of cooperation between Qatar and South Korea however, as a result of the limited research so carried out in analysing these avenues of cooperation, this research more so concentrate on joint investment in oil and gas industry and innovative farming techniques. This cooperation is geared towards availing an environment that will foster the perception of international community of the value and function of the cooperation (Commercial Bank of Qatar 1). However, Jamie Stewart reports that despite the fact that at the present moment Qatar is enjoying a dominant position as the world’s largest liquefied natural gas supplier, the ramping up of production capacity by rival exporters as well as the emerging economies are becoming key drivers of the demand growth in Asia (Stewart 1). As a result, Doha might be compelled to seek for an alternative strategy. Owing to this fact therefore, Qatar’s giant energy company, Rasgas in the beginning of the year 2012, formally struck a mega LNG supply deal with South Korea’s state-owned company, Kogas. Under the terms and conditions of the sale and procurement agreement, a subsidiary company of Rasgas (Ras Laffan Liquefied natural GasCompany) had to make sure that it delivers two million tonnes on an annual basis to firms in South Korea for a period of twenty years. This agreement is supposed to kick off in 2013. Markedly, this will be an addition to incremental medium term volume between 2012 and 2016. This new deal between these two countries is coming asa n additional to the already in existence two long-term sales and purchase agreements that RasGas and Kogas had already signed in 1995 for 4.9 million tonnes per annum (mta) and the 2007 agreement of 2.1 million tonnes per annum. These three agreements bring the yearly total long-term quantities to 9 million tonnes per annum. Closely following the above mentioned third deal is the wake of a 1.5 million tonnes per annum twenty-year supply agreement with the Taiwanese state-owned firm CPC Corporation, which likewise kicks off in 2013 (Bureau of Economics and Business Affairs 1). Oil Parity In the viewpoint of Qatar’s minister for energy, HE Mohammed bin Saleh Al Sada, the deal with South Korea is a perfect example of the manner in which Qatar’s liquefied natural gas producing ventures will continue responding to the ever increasing needs of the customers via the capabilities as well as the flexibilities that these two countries have. Over and above this, Qatar revels in the cosy rapport it has with South Korea. However, despite the enduring and fruitful relationship upheld by Doha (Qatar) and Seoul (South Korea’s capital), and both the flexibility and the capability of Qatar’s supply infrastructure, experts have issued Qatar with a warning that it may be predisposed to a fight over the next ten or so years if at all Qatar wishes to fully penetrate further into the liquefied natural gas markets in the Asian continent (Al-Jaber and Dutta 134). Nonetheless, Doha has already made it in white and black its wishes of rebasing a paramount proportion of its flexible liquefied natural gas to its markets in Asia, where demand for imports is anticipated to be the stoutest, and more especially in light of the United States’ on-going shale gas revolution. Moreover, upholding good relations with the fully-fledged markets in Asia may hardly be sufficient for Doha to realise its condescending ambition; despite the fact that the demand for liquefied natural gas in the already established Asian market will by no means increasing in the near further, the principal propeller of demand growth is likely to be originating from China and India; both of which are more price conscience than South Korea, Taiwan or Japan (Naithani 99). Supply Evolution Having sealed its long-term liquefied natural gas production goal towards the end of 2010, Qatar became the world’s leading LNG producer by a margin that is considerably comfortable. This uniquely positioned the country among the other LNG producers. Furthermore, the country’s pricing strategy is totally detached from its production cost. Based on sheer economies of scale, it is crystal clear that Qatar is in a position of outperforming and other liquefaction project, even though the country has over the years been so reluctant to be seen to conciliate its pricing strategy integrity. This ostensible unwillingness to compromise may be foretelling a rapid evolution in the liquefied natural gas supply-side equation. As a result, Qatar is under obligation to see to it that it locks as much of its long-term liquefied natural gas volume at reachable oil parity as possible since its ability to dictate pricing will within no time diminish the competitor exporters who are little by little ramping up production. Although at the present moment Qatar can take advantage of its dominance in LNG supply, soon or later it might be forced to rethink of its pricing strategy if it so wishes to capture a measurable portion of the emerging Chinese and Indian markets (Stewart 1). The Yeosu Expo Another of the important achievements to make note of as regards to the joint investment between Qatar and South Korea is the manner in which these two countries will be positioned to benchmark at the same time foster successful development cases where preservation and development are well balanced. For instance, the Yeosu Expo presents an opportunity of inducing and urging cooperation as well as joint efforts from the international community. Until half a decade or so ago, Yeosu has been an unremarkable city on South Korean southern coast (Williams 1). It has actually been branded as an out-of-the-way city. Nevertheless, the fate of this city smiled on the pronunciation of the 2012 World Expo- the Yeosu Expo. This sprawling Expo site has seen through the sprouting of over twenty two futuristic buildings and other structures that are undeniably going to better suit the fast-faced Seoul. Following the announcement that Yeosu will host this Expo, extensive portions of the city have already undergone major infrastructural upgrades, including new transport links and road improvements in an effort to accommodate the over ten million visitors who were expected to visit the Expo (Williams 1). It is through joint investment that the city of Yeosu has grown within a period of two decades. Its improvements are presently being explored by over one million Expo visitors to the city; who are actually taking the city’s go-getting cultural environmental as well as educational exhibitions from a hundred and four countries across the globe and ten international organisations- including the United Nations. South Korea on its part in this Expo has created the Big-O, a spectacular structure which uses lasers and light in the projection of kaleidoscopic shows on a giant screen of water (Williams 1). Qatar-South Korea Investment in Food security Issues Apart from investing in the oil and gas industry, both Qatar and South Korea have also extended their investment towards food security. A delegation from South Korean visited Qatar so as to hold discussion on the likely avenues of cooperation as regards to innovative techniques of farming which are best suited to the vision and requirements of Qatar (COP18/CMP8 1). The South Korean delegation had to meet Qatar’s National Food Security Programme (QNFSP) so as to work hand in hand in effort to achieve food security for the country of Qatar via sustainable and green technologies by coming up with a unified and an overreaching national policy for viable agricultural development in Qatar as well as improved security for imports of food (COP18/CMP8 1). According to the South Korean point of view, innovative vertical farming projects are in the offing of proving to be useful for the countries’ cooperation in the future. Qatar and South Korean did sign a Memorandum of Understanding in Seoul. This MoU is geared towards expanding cooperation for joint investment in third world countries. South Korea is expected to make explorations on the ways through which future collaborations within the framework can further be cemented. According to both side, there are a number of opportunities for collaboration, first and foremost with the QNFSP and the South Korean working group bringing their efforts together to institute the Global Dry Land Alliance (GDLA), with a joint research project being the likely agenda for the years to come (COP18/CMP8 1). South Korean researchers are carrying out experiments with vertical farms that have been straight up been built as contrasted to spreading out. In Suwon, the government of South Korea is carrying out experiments with urban agriculture by constructing a vertical farm prototype, which is made up of a three storey farm using LED lights and robotics as well as a 7-storey vertical farm, both of which have so been created by InSung Tech Company. There several other such projects in Gyeonggi province, although these are differentiated by the special agricultural-horticultural technology. These projects have shown their interest to cooperate with Qatar. According to South Korean ambassador to Qatar acknowledged the interest of Qatar’s government in the diversification of its economy from energy to other areas. The Korean government is more than willing to cooperate in this matter. As foretold by an American ecologist and microbiologist, Dickson Despommier, there are probabilities that one day tower-like hydroponic farms will stand alongside skyscrapers as a chief food source for billions of city dwellers all over the world. Vertical farms are in the offing of providing a key remedy for the ever growing populaces with limited arable land, as is the case with Qatar (COP18/CMP8 1). Potential Benefits of Vertical Farming Arguably, the potential benefits from the vertical farming are quite encouraging. To begin with, these farm- most of which are storeys- are in the offing of availing likely sustainable all year-round production of both livestock and crops. As a matter of fact, a single indoor acre is equal to between four to six outdoor acres if not more, though this depends on the crop. Over and above the aforementioned, vertical farms are likely to be immune to crop failures as a result of droughts, pests and floods. The produce created of these vertical farms in totality is organically grown and besides, vertical farming lends itself to a water-friendly process with ease since it recycles toilet waste (black water) and waste water generated form domestic activities such as dishwashing, bathing and laundry (grey water) (COP18/CMP8 1). Additionally, the system is likely to make measurable energy contribution to the grid through the generation of methane from compositing non-edible parts of animals and plants. The enterprising development of South Korea in this sector can prove to be of a great significance to Qatar in its attempts to meeting the teething challenge of food security and more especially through GDLA. This sort of collaboration on research development and technology can so be employed for the benefit of nations like Qatar, which are tirelessly putting effort to address the issue of food security (COP18/CMP8 1). Conclusion The joint investment between Qatar and South Korea, as has been above discussed, is vital in helping the countries win more foreign projects in the fields of engineering, production and construction as well as facilitate the expansion of the countries’ business opportunities. A number of successes have been identified from this cooperation. Apart from the business ties, citizens form either country will be living with one another in a friendly manner as well as the taskforce being able to enhance cooperation in the areas of construction, energy and infrastructure fields, thus presenting greater growth opportunities for local companies. A combination of South Korea Companies’ technology and Qatar’s financial capacity competitiveness is an ideal avenue of promoting investment between these two Middle East countries. Undeniably, it would be a sound idea for Qatar to invest in the Korean developing trade zones such as Incheon Free Trade Zone. The institution of a considerably high-level strategic cooperation between Qatar and South Korea audibly speaks much as pertains to the future of the bilateral relationship. Concrete plans of action and strategies for various sectors have been and are still being discussed between the governments of both countries. These talks and relations are over areas of interest in industry, energy (oil and gas), agriculture and food security, infrastructure and construction, science and technology, health and medical science, security and national defence, trade and investment, people-to-people exchange and culture and sports among others (Qatar Opportunity 2022 1). Nevertheless, there are various barriers that are crippling Qatar-South Korea joint investments, be it in the oil and gas industry or in farming, the key barriers being of either a social or cultural founding. Literatures from various quarters have been presented as regards to the economical and relational benefits to be reaped from this joint investment, but there is still the need for stringent policies to be put in place so as to ensure that besides enjoying the benefits in totality, the autonomy of each of the countries is not compromised (SWF 1). However, under the extensive relations developments highlighted in earlier paragraphs, more interaction and exchanges between these countries are expected in the near future. The undeniable fact is that both South Korea and Qatar are witnessing rapid economic growth and the gross domestic products have grown at a hurried pace in the last few years following their collaboration. Works Cited Al-Jaber, Hessa and Dutta, Soumitra. Qatar: Leveraging Technology to Create a Knowledge-Based Economy in the Middle East. ICT Qatar.the Global Information Technology Report, pp. 133-143 Attiyah Hamid, S. Expatriate Acculturation in Arab Gulf Countries. Journal of Management Development, 15(5): 37-47 Bureau of Economic and Business Affairs. 2012 Investment Climate Statement- Qatar.U.S. Department of State Diplomacy in Action. Viewed 4 December 2012 http://www.state.gov/e/eb/rls/othr/ics/2012/191221.htm. 2012 Business Monitor International Ltd. Korea and Qatar Sign Long-term LNG Contract. Viewed 4 December 2012 http://www.oilandgasinsight.com/file/44201/korea-and-qatar-sign-long-term-lng-contract.html. 2007 Commercial Bank of Qatar Inc. Proposal to Set up Qatar- South Korea Business Panel. 2012 COP 18/CMP8. South Korea Visits Qatar to Discuss Food Security Issues: Vertical Farms Could Offer Solutions for Growing Populations. 2012 Doha Bank. South Korea Engineering, Procurement and Construction (EPC) Companies Have Bigger Role to Play in the Infrastructure Boom. Doha Bank Qatar. 2012 Embassy State of Qatar. History of Discovery. Viewed on 1 December 2012. http://www.qatarembassy.net/oil_history.asp. 2010 Expo 2012. International Exposition Yeosu Korea 2012. Viewed on 1 December 2012 http://eng.expo2012.kr/is/ps/unitybbs/bbs/selectBbsDetail.html?ispsBbsId=BBS001&ispsNttId=0000000001. 2010 Ministry of Foreign Affairs (MOFA). Qatar Petroleum (QP). Viewed 4 December 2012 http://english.mofa.gov.qa/details.cfm?id=54. 2007 Naithani Pranav. Challenges Faced by Expatriate Workers in Gulf Cooperation Council Countries. International Journal of Business and Management, 5(1), 98-102. 2010. Oxford Business Group (OBG). Economic Update Qatar: Exporting Energy. The Inside Edge. Viewed 4 December 2012 http://www.oxfordbusinessgroup.com/economic_updates/qatar-exporting-energy. 2012 Qatar Opportunity 2022. Envoys Urges Qatar Invest in South Korean Trade Zones. The Peninsula. Viewed on 4 December 2012 http://www.qo2022.com/web/media-2022/news/item/envoy-urges-qatar-to-invest-in-south-korean-trade-zones.html.2012 Sovereign Wealth Fund Institute. South Korea and Qatar Develop Investment Taskforce. Viewed on 1 December 2012 http://www.qatarliving.com/news/s-korea-qatar-ink-mou-to-expand-joint-investment-cooperation-yonhap-news. 2012 Stewart Jamie. News: Tempting Asia Qatar’s LNG Pricing Strategy. The EDGE. Viewed 4 December 2012 http://www.theedge.me/tempting-asia-qatar%E2%80%99s-lng-pricing-strategy/. 2012 Williams Ingrid. In South Korea, All Roads lead to Yeosu. The New York Times. Viewed 1 December 2012 http://travel.nytimes.com/2012/06/10/travel/in-south-korea-all-roads-lead-to-yeosu-host-of-the-world-expo.html?pagewanted=all&_r=0. 2012 Yonhap News Agency. S.Korea, Qatar Ink MOU to Expand Joint Investment Cooperation. Viewed 4 December 2012 http://english.yonhapnews.co.kr/business/2012/10/19/22/0501000000AEN20121019009400315F.HTML Read More
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