Press Releases

  • Busan Shipbuilding Equipment, Russia's 7.7 billion contract 'Mulko'

    • Koai<
    • 2020.03.12
  • Busan shipbuilding equipment companies, which are struggling due to the recession in the shipbuilding industry, started to target the Russian market.

    The Busan Economic Promotion Agency supported 147 consultations and USD 6.9 million (about 7.7 billion KRW) with support from eight local companies participating in the 'Moscow International Petroleum Gas Exhibition (MIOGE 2018)' held at the Crocus Expo in Moscow, Russia for four days from the 18th. Won) announced on the 27th that it has made a contract. Opened every year since 1993, it is the largest international oil and gas exhibition in Russia, mainly attended by Russian oil and gas manufacturers and plant equipment manufacturers. This year, more than 600 companies from 30 countries and 19,000 visitors participated.

    In Busan, 8 new export companies, including Dongwha Newtech Co., Ltd., Dongwha Newtech Co., Ltd., Samyoung Fitting Co., Ltd., Taehwa Kalfa Seal Co., Ltd., Eugene Co., Ltd., and Double UF Co., Ltd. Opened. Busan companies couldn't sign a contract right away, but they expected to be able to sign about $ 6.9 million (about 7.7 billion won) within a year.

    Russia was the sixth-largest export destination of Busan in 2011-2013 (based on the amount), but fell to the 17th in terms of the amount of money last year due to the sharp fall in international oil prices and western sanctions following territorial disputes.

    However, exports from Busan to Russia have been strong recently, mainly on cosmetics and household goods.

    On the 27th, according to the “May 2018 Busan Import and Export Trend Report” of the Busan Headquarters of the Korea International Trade Association, last month's exports to Russia increased by 20.3% from the same month last year to $ 24 million (about 26 billion won).

    Shipbuilding equipment makers also showed expectations for the Russian market with this exhibition. Park Kyung-taek, CEO of KOAI Co., Ltd., which produces oil and moisture separating oil, which is a marine pollution prevention organization, expressed his satisfaction with the fact that he received many good suggestions for technical transaction cooperation as well as consultation with local buyers through actual product demonstrations in all markets.