Korea Overseas Information Service, KT Corp., Korea's largest fixed-line operator, said Sunday (July 23) it has sealed an agreement with a U.S.-based launching company to put the country's first satellite for both military and commercial purposes into orbit next month.
Officials from KT signed a deal with Rob Peckham, president of U.S.-based Sea Launch, at the latter's office in Los Angeles to put the Mugunghwa 5 satellite into orbit on August 20, KT said.
The Mugunghwa 5 satellite, jointly funded by Korea's Defense Ministry and KT, is scheduled to lift off from a U.S. vessel in high seas south of Hawaii to replace the Mugunghwa 2, which was put into space in 1996.
The country's fourth commercial satellite, built by Alcatel of France, is to be utilized for military communications and commercial purposes, such as broadcasting and telecommunications.
During the first year, the military and KT will control the satellite for six months each. KT is to have exclusive rights for the entire second year.
The two sides plan to sign a separate agreement on control and use of the satellite after the first two years.
Sea Launch is a joint venture established in 1995 by Boeing Co. of the United States, Energia of Russia and several other European firms.
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