A Sign of Iraq's Trust in Hyundai E&C
Hyundai Engineering and Construction announced on May 22 that it has won a US$2.45 billion order to build a seawater supply facility in Iraq.
The order was placed by Basrah Oil Company of the Iraqi Ministry of Petroleum. Hyundai E&C will build a seawater treatment plant capable of producing 5 million barrels of water per day. The water will be poured into oil wells to increase crude oil production at an oil field in the southern part of Basrah, Iraq.
Hyundai E&C won the contract solely and construction work will run for 49 months.
"The winning of this order is mainly attributable to the trust that Iraq has in Hyndai E&C,” a company official said. “Hyundai E&C did not withdraw from Iraq during the two major wars and has contributed to Iraq’s economic growth by successfully performing major national projects.” He added, "We will seek to win projects in various fields such as oil refineries, power facilities, and housing which are promoted by Iraq under a long-term development plan.”
Hyundai E&C has landed a total of 39 projects worth about US$7 billion in Iraq, including the Al Mussaib Power Station, Northern Railway, Baghdad Medical City and Karbala Oil Refinery, since advancing into Iraq for the first-phase construction of the Sewer System in Basrah in 1977.