| 摘要 |
��
1. Research Purpose
Although continue to grow, overseas energy facilities industry of Korea is vulnerable to its over-dependency of overseas energy plant project orders on the Middle East and certain areas. That's to say, the growth of the industry is highly contingent on expanding overseas orders from the areas. In order to overcome these weaknesses, the industry need to diversify the portfolio of receiving orders. In that sense, Central Asia, and Africa region has emerged as an alternative promising areas. These areas have big potential for energy supply comparable to the Middle East. Besides, due to the sustainable economic growth and resource development effort by government in the region, the demand on energy facilities such as power plant and oil&gas processing plant. But in the energy facilities industry of the region has been dominated by foreign companies with high-technologies, as well as by china and Japanese companies with ample funds and backed by their government's strong diplomatic relationships with countries in that regions. Therefore, in order to advance the region under these circumstances, Korean energy facilities companies need to focus on investing in selective areas with strengths that they have.
The purpose of this study has two folds: first. the area of energy facilities that we have potential to advance in the countries under Africa and CIS region is categorized by three sectors: oil&gas, power plant & infrastructure and renewable sectors, then select first priority countries that we ned to focus to advance in each sector among 6 countries in Africa region and 4 countries in CIS region. Second, based on selective country of each sector, this study suggests ways to advance to the country and offer direction of government policy to support.
This study covers 6 African Countries: Algeria, Libya, Nigeria, DR Congo, Angola and South Africa and 4 CIS countries: Uzbekistan, Kazakhstan, Turkmenistan and Azerbaijan This study is expected to contribute to utilizing as a reference for strategic planning on advancement of and for investment promotion policy of overseas energy industry.
2. Summary
The Central Asia and the Africa have a lot of common political and economic situations. They all prevailed political instability and institutional problems in the past have been improved, but still weak and poor states at the governance and institutional establishment. In addition, resources - oil and minerals- export dependence on the proportion of the entire national economy is so high. They also have a lot of hydrocarbons and minerals, but lack of skills, human resources and funds to develop them.
This study takes 9 energy facilities sectors as promising field with lot of future demand to advance into the Africa and the CIS, followed by selecting most preferable country to advance by Korean energy companies at each 9 sectors. The 9 sectors are: oil facilities, gas facilities, petrochemical, refining facilities, power generation, power, infrastructure, hydroelectric power generation, solar and wind.
The most preferable country at each sector is selected by comprehensively evaluating all factors like development status, current energy development plan, upcoming energy projects to make bids, government policy to support the projects and overseas order status by Korean companies.
It turns out that Nigeria, Azerbaijan, Kazakhstan are selected mot preferable countries as Oil and Gas sectors, Algeria, Turkmenistan, Uzbekistan are for refining and petrochemical sector. Libya, Azerbaijan and Kazakhstan are chosen as most preferable countries in power plant and power infrastructure sector. Considering amount of solar irradiance, Libya, South Africa, Turkmenistan are chosen as most preferable countries with big potential in solar energy sector. Meanwhile, Kazakhstan and Libya are chosen for wind energy sector after considering wind speed of each country.
After analyzing profile of energy facilities sectors in selected countries, Nigeria takes bidder's financing capacity as the most important evaluation criteria to decide winning bidder on her energy project bids. In addition, it is essential for foreign companies trying to advance the energy facilities industry to set out a joint venture with the locals in Nigeria. To restore the oil industry from the recent economic downturn, Kazakhstan is expanding investment in oil sectors, thus it is expected to more demand in oil transport infrastructure. Algeria has a large- scale new and expansion plans to investment at refining and petrochemical facilities to promote exports of oil products, but uncertain investment environment, frequent delays to investment, and recent corruption investigations on Algerian state oil company Sonatrach would be regarded as threat factors Korean firms may face in order to advance the country. Libya has large-scale Independent Power Projects (IPP) to meet the increasing domestic electricity consumption, thus it is required to find a way to make a fund for the project, to return of investment and manage the risk. DR Congo with abundant hydro-power potential also has a lot of plans to build hydroelectric power plants, but she is not capable of providing funds to make the plans. Korea energy firms may suggest a possible package deal to invest the hydroelectric power projects using DR Congo's rich mineral resources. Turkmenistan with high potential of solar energy and utilization technology, make less efforts to develop solar energy, Korean energy firms try to worth developing new business model and make the offer to the governments
In order to further advance to Africa and CIS region, we need to utilized ODA (Official Development Assistance) and EDCF (Economic Development Cooperation Fund) provided to the countries in the region. This financial support can contribute to promote Korea's favorable image and economic and energy development of host countries and local governments, which can be highly likely to increase the chance to receive energy project orders from them. However, compared with rival China and Japan, amount of the financial supports is so small that we may less take advantage of these benefits. With strategic purpose, we have to expand ODA size for the countries that we need to advance. but in the long-run, we should expand financial support to the countries in the region.
As means to expand Project Financing for business development of IPP, accurate valuation systems for the project or well-trained specialist are needed. And initial investment contracts including revenue generation and minimizing the loss of the investment should be preceded so that it can reduce investment risk
3. Research Results and Policy Implications
To expand operations of Korean companies in Central Asia and Africa, firstly, we need to build up a robust cooperation system between Korean government and private companies by organizing task force team with government, public institutions and private enterprises.
Secondly, it is more useful to propose promising projects and provide solutions rather than to rely on a development project from the countries in the region.
Thirdly, since Korean companies has little experience in doing business in the CIS and African regions, they need to make use of foreign companies which have been operating in advance in the regions. Especially in CIS region, Korean firms have to benchmark with European companies including active Turkish companies.
Fourthly, to activate a package-deal business with energy facilities industry and resources development industry, we have to solve the problem of a package deal business model by acquiring shares of energy equipment companies using energy funds and infra-funds.
As a way to strength governmental support, it has to increase guarantee for energy facilities companies. The insurance system to hedge foreign exchange risk should be modified to cover larger amount of risk since the most overseas energy project need large amount of investment. So the limit of total coverage of the insurance or the limit of the coverage which is applied to each company should be expanded. And the contract period which is set 9 months as a maximum should also be extended since it takes a while from bidding to make final contracting decision. In addition, to lesson a burden of large amount of deposit of the Korean companies to advance into the countries in the Africa and CIS region, it is necessary to expand a guarantee coverage and foster a close relations with local developer and financial institutions.
Second, we suggest that the human resources management system should be modified to build up foreign experts pool and to share them. And it need to organize a so-called "human resources center for overseas energy facilities sectors ", which would manage a human resources information system and create experts.
Third, it needs to dispatch energy-related experts to diplomatic offices and KOTRA offices in strategic key foreign countries in the region to construct an information system on energy projects and overseas orders.
Last, some provision of laws which prevented the stated-owned companies from advancing to foreign countries for overseas business needs to be modified to promote the cooperation and co-business with private companies.
Language : Korean |
