UI Energy Corporation

UI Energy Corporation is a South Korean company whose stated activities span resource and mineral development, power-generation projects, and the supply of medical equipment. The company was founded in 1987 under the name Gong Young Multi System and later adopted the UI Energy Corporation identity. It has been associated with the Korean securities market through a quotation on KOSDAQ. The company's energy interests have included international upstream opportunities, particularly in Iraq. UI Energy Corporation participated in the KNOC Bazian Limited consortium, which was awarded the Bazian Block in the Sulaimani Governorate of Iraqi Kurdistan. The block covers approximately 473 square kilometres and was described as a comparatively low-exploration-risk area. The consortium brought together the Korea National Oil Corporation and several Korean private-sector companies, including SK Energy, Daesung Industrial, Samchully, Bum-Ah Resource Development, GS Holdings, and Majuko Corporation. UI Energy Corporation presented its external advisory network as an advantage in pursuing resource opportunities. Publicly identified advisers included former United States officials, diplomats, military personnel, lawyers, and academics. The company said that these advisers could assist its efforts to develop Iraqi oil-field opportunities in a political and regulatory environment shaped by the United States' role in Iraq. General John Abizaid served on the advisory board from August to October 2007 and resigned in November 2007 because of a conflict-of-interest issue; the fees paid to him were returned. The company's use of politically connected advisers attracted scrutiny, as did media coverage of an undisclosed payment to former British prime minister Tony Blair. These matters formed part of the public discussion surrounding the company's Iraqi activities and advisory arrangements. The available reference material does not establish the final commercial outcome of the Bazian project, provide detailed financial results, or clarify the company's current operating status. Accordingly, UI Energy Corporation is best described as a historically documented Korean resource-development and diversified industrial company whose public profile was closely linked to its Kurdistan oil interests and advisory network.

UI Energy Corporation began in South Korea in 1987 as Gong Young Multi System. The company later changed its name to UI Energy Corporation and developed a business profile broader than conventional oil and gas production. Its stated fields included the development of resources and minerals, power-plant projects, and the supply of medical equipment. This combination placed the company at the intersection of Korean industrial services, infrastructure, energy development, and international resource investment. The company's most prominent documented energy initiative was its involvement in Iraqi Kurdistan. UI Energy Corporation became part of KNOC Bazian Limited, a consortium formed with the Korea National Oil Corporation and a group of Korean industrial and energy companies. The consortium was awarded the Bazian Block in the Sulaimani Governorate. The block covered about 473 square kilometres and was characterized in company-related material as an area with relatively low exploration risk. The project gave UI Energy Corporation an international upstream-resource profile even though the available material does not provide a detailed account of production, reserves, investment, or ultimate project performance. UI Energy Corporation also publicized an advisory structure that included prominent former government officials, diplomats, military figures, attorneys, and academics. The listed advisers included former United States congressman Stephen J. Solarz, former United States secretary of defense Frank Carlucci, former ambassador to Egypt Nicholas A. Veliotes, attorney Jeffrey D. Jones, and academic Robert A. Scalapino. General John Abizaid was listed as an adviser after joining the board in August 2007, but he resigned in November 2007 after a conflict-of-interest concern; the fees paid to him were returned. The company described the network as a source of political and commercial access that could support its efforts to develop Iraqi oil fields. This advisory model and the company's Iraqi activities generated public controversy. In particular, media reports in the United Kingdom discussed an undisclosed payment to former prime minister Tony Blair. The available reference does not specify the amount, contractual purpose, or legal disposition of that payment. It also does not provide sufficient evidence to determine whether the controversy resulted in a formal enforcement action or a lasting change in corporate strategy. UI Energy Corporation was quoted on KOSDAQ, the Korean Securities Dealers Automated Quotations market. The supplied reference material identifies executive vice-chairman Choi Kyu-sun but does not establish a complete management history, current ownership, present-day headquarters, or whether the company remains active. The company's documented historical identity therefore rests on three elements: its Korean industrial origins, its diversification into resources, infrastructure, and medical equipment, and its attempt to build an international oil-development position through the Bazian consortium in Iraqi Kurdistan.

• 2007

  John Abizaid resigns as adviser

  [1]UI Energy Corporationen.wikipedia.org

  After serving on the advisory board from August to October, General John Abizaid resigned in November because of a conflict-of-interest issue, and his fees were returned.

• 1987

  Company founded as Gong Young Multi System

  [1]UI Energy Corporationen.wikipedia.org

  The company was established in South Korea under the name Gong Young Multi System.

• Company adopts the UI Energy Corporation name

  [1]UI Energy Corporationen.wikipedia.org

  Gong Young Multi System subsequently became known as UI Energy Corporation.

• Bazian Block consortium award

  [1]UI Energy Corporationen.wikipedia.org

  UI Energy Corporation joined KNOC Bazian Limited, the consortium awarded the Bazian Block in Iraqi Kurdistan.

A diversified Korean industrial and resource-development company pursuing international energy opportunities alongside power-generation and medical-equipment activities.

• Natural resources

  Resource and mineral development

  UI Energy Corporation identified the development of resources and minerals as one of its core areas of interest. The company's best-documented resource activity was its participation in an Iraqi Kurdistan oil-development consortium.

• Oil and gas exploration

  Bazian Block development interest

  Through KNOC Bazian Limited, UI Energy Corporation participated in the development of the Bazian Block in the Sulaimani Governorate. The block covers approximately 473 square kilometres and was awarded to a consortium led with the Korea National Oil Corporation and Korean corporate partners.

• Power generation

  Power-plant projects

  Power plants were among the areas identified in descriptions of the company's business interests. The available reference does not specify individual facilities, technologies, locations, or operating assets.

• Medical equipment

  Medical equipment supply

  The company also reported involvement in supplying medical equipment, making this a non-energy component of its diversified business profile. Specific product families and markets are not identified in the available material.

• 2007

  John Abizaid conflict-of-interest controversy

  General John Abizaid resigned from UI Energy Corporation's advisory board in November 2007 after a conflict-of-interest concern. The fees paid to him were returned.

  Source

• Reported payment to Tony Blair

  An undisclosed payment to former United Kingdom prime minister Tony Blair became the subject of media comment in the United Kingdom. The supplied reference does not state the amount, purpose, or outcome of the matter.

  Source

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• 2007

  Return of fees paid to John AbizaidOther

  Background

  General John Abizaid joined the company's advisory board in August 2007 but later faced a conflict-of-interest issue.

  Action taken

  After his resignation in November 2007, the fees paid to him were returned.

  Aftermath

  The episode became part of public scrutiny of UI Energy Corporation's politically connected advisory arrangements.

  Source

• Pursuit of Iraqi Kurdistan oil developmentStrategy

  Background

  UI Energy Corporation sought to expand its resource-development profile through participation in an international consortium focused on an oil prospect in Iraqi Kurdistan.

  Action taken

  The company joined KNOC Bazian Limited with the Korea National Oil Corporation and several Korean private-sector companies and participated in the consortium's Bazian Block award.

  Aftermath

  The initiative made Iraqi Kurdistan the company's most prominent documented international energy project. The available material does not establish its eventual production or financial results.

  Source

1. 1UI Energy Corporationen.wikipedia.org