S. Korea has contract agreement with Libyan rebels

The fall of the Gaddafi regime could start a contract race in Libya.

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South Korea says that it has reached an agreement with rebel forces in Libya that they will honour existing contracts once the conflict is over, the Foreign Ministry confirmed on Monday.

Government and private sector companies in South Korea also met at an emergency meeting this week to discuss re-entering Libya as soon as possible.

With the civil war in the North African country seemingly nearing its conclusion, officials from the Land Ministry and a number of the country’s biggest construction companies discussed lifting the ban on travel to Libya that has been in place since early March.

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An official from the Land Ministry said that Korea wants to act swiftly to re-enter the country before competitor countries. The Korea Trade-Investment Promotion Agency has also stated that it believes that $120 billion worth of contracts could be up for grabs in areas such as repairing oil refineries, electric power lines, houses, ports and roads.

“We decided to supply relief goods to Libya as a humanitarian measure and also to come up with specific plans together with the International Construction Information Service on helping the country rebuild itself,” said Kwon Hyuk-jin, head of the Land Ministry overseas construction department.