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Hyundai inks $2.45b plant deal in Iraq

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Hyundai Engineering and Construction has clinched a $2.45 billion deal to build a seawater processing facility in Iraq, marking its first overseas contract this year, officials said.

The South Korean builder on Wednesday signed a letter of intent with the state-run Basra Oil Co. for a 49-month project to build a seawater supply plant in the southern state of Basra.

Once completed, the facility will be capable of supplying 5 million barrels of fresh water per day, contributing to increasing crude oil yields and financial expansion in the Middle East state, according to officials.

“The latest deal reflects the Iraq government’s deep trust in HyundaiE&C’s technology for large-scale plant construction, as displayed in the ongoing oil refinery plant project in Karbala,” the company said in a release.

“(Hyundai E&C) will play a key role in building oil refineries, electric facilities and residential buildings in the country.”

Despite wars and tensions in the region, the firm has contributed to a long-term partnership with country, it added.

The Korean builder first set foot in Iraq back in 1977, starting with a sewage construction project and later expanding onto thermal power plants, railways and oil refineries -- in projects worth around $7 billion.

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