After fall from grace, Ssangyong risesSsangyong Engineering & Construction said on Thursday it has won a $200 million in order from Iraq, just four days after it announced a self-rescue package on Monday.
The company said it signed a $200 million deal with the Kurdistan regional government to build a water treatment plant and transmission and storage facilities in the cities of Halabja and Sulaymaniah, which lie in Iraq’s self-ruled northern Kurdish region. The project is being financed by the Japan International Cooperation Agency.
The Korean builder beat out the world’s second-largest construction firm Vinci of France to net the order. Ssangyong is scheduled to receive 45 billion won ($40 million) as an advance payment within a month, it said.The company hopes to get a foothold in Iraq, which is pushing for national reconstruction projects worth a total of $186 billion by 2015. Ssangyong has been trying to build a favorable relationship with the Kurdistan regional government since 2008.
“Our efforts to advance into overseas markets have borne fruit,” said a company employee. It plans to complete the project within 24 months.
By Song Su-hyun [firstname.lastname@example.org]
More in Industry
Buffet restaurants adapt to pandemic by nixing the buffets
Sale of Doosan Infracore stake could be opportunity for Hyundai Heavy
Volvo XC60 ranks No. 1 for residual value in Encar study
Binggrae to scoop up ice cream competitor after FTC approves merger
LG accepting orders for rollable, $85K television