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Trade touches $696 million

Bahrain News
Sun, 17 Apr 2016

BILATERAL trade between Bahrain and South Korea touched $696 million last year.

Bahrain accounted for more than 60 per cent of the trade, exporting $499m worth of goods including petrochemical products and metals needed to manufacture industrial products.

Korean exports to Bahrain reached $187m, of which road vehicles accounted for 50pc of the trade followed by electric wires.

The two countries celebrate 40 years of diplomatic relations today.

On December 2 last year, Samsung C and T Corporation, together with its consortium partners Teekay LNG Partners and Gulf Investment Corporation, signed an agreement to develop a floating gas terminal in Bahrain.

It will be located in Hidd Industrial Area and help Bahrain meet the increasing demand for gas.

“The project will comprise a floating storage unit, jetty and breakwater, a regasification platform, sub-sea and on-land gas pipeline, an onshore gas receiving and a nitrogen production facility,” said a statement from Samsung C and T Corporation.

“The project will have a maximum capacity of 800 million standard cubic feet per day and will be owned and operated under 20-year concession agreement commencing in 2018.

“Through this project Samsung C and T secured an outstanding position in the industry as a project organiser which developed both onshore and offshore liquefied natural gas (LNG) import terminals.

“Samsung C and T won the Mexico Manzanillo LNG Regasification Terminal Project (Onshore) in 2009 on BOO (build, own, operate) basis.”

The Bahrain LNG Import Terminal Project is the first BOOT (build, own, operate, transfer) project under the PPP (Public Private Partnership) scheme.

“Based on experience accumulated from both Bahrain and Mexico projects, Samsung C and T is actively developing additional LNG infrastructure projects worldwide,” said the statement.

With a GDP of $1.43 trillion in 2015 (11th in the world), the Republic of Korea is a highly export-driven and industrialised economy as the world’s eighth largest exporter.

In 2011, it became the ninth country to have its trade volume exceed $1trn following the US, Germany, China, Japan, France, England, the Netherlands and Italy.

Joining this ‘One-Trillion-Dollar Trade Club’ means that Korea’s economy has advanced from the periphery to the centre of the world’s market.