UI Energy Corporation

UI Energy Corporation is a Korean company founded in 1987 (formerly known as Gong Young Multi System). Its areas of interest include the development of resources and minerals, power plants and the supply of medical equipment. It is quoted on the KOSDAQ (Korea Securities Dealers Automated Quotations).[1][2]

Its Executive Vice-Chairman is Choi Kyu-sun.[2][3]

It is part of international consortium for development of prospects in Iraqi Kurdistan. It claims that its network of advisors gives it a strong competitive edge over other companies.[2] Paid advisers include:

  • Congressman Stephen J. Solarz
  • former Secretary of Defense USA Mr. Frank Carlucci
  • the former ambassador to Egypt Mr. Nicholas A. Veliotes
  • US commander for the Middle East General John Abizaid (General John Abizaid served on the board of advisors from August–October, 2007, resigning in November, 2007 due to a conflict of interest. All fees were returned.)

These are claimed on the company's website to exercise "their network and political influence to promote UI energy on the development of oil fields in Iraq where United States of America governs". It also notes that attorney Jeffrey D. Jones, the former President of the American Chamber of Commerce in Korea, and Dr. Robert A. Scalapino, who served as the Dean of University of California, Berkeley, are on their company board of advisors.[2]

Its payment of an undisclosed sum to former United Kingdom Prime Minister Tony Blair has been subject to media comment in the UK.[4]

Kurdistan Contract

UI Energy Corporation was part of a consortium (KNOC Bazian Limited) that was awarded the Bazian Block (473 square kilometres) in Sulaimani Governorate. The consurmtium also includes the Korea National Oil Corporation, and Korean private sector oil exploration and development companies SK Energy Co Ltd, Daesung Industrial Co, Ltd, Samchully Co Ltd, Bum-Ah Resource Development Corp, GS Holdings Corp, and Majuko Corporation. The Bazian Block has been described as a relatively low exploration risk area.[5]

References
  1. "UI ENERGY CORP (050050:Korea Securities Dealers Assoc Quotation)". Business Week.
  2. "Welcome message". UI Energy Corporation. Retrieved 2010-03-30.
  3. "Blair took cash from Korean oil firm". Korean Herald.
  4. Solomon Hughes and David Leigh (2010-03-17). "Tony Blair got cash for deal with South Korean oil firm". The Guardian.
  5. "Iraqi Kurdistan signs five more petroleum contracts". 2007-11-12. Retrieved 2010-03-30.
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