After fall from grace, Ssangyong rises

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After fall from grace, Ssangyong rises

Ssangyong 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 []
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