Joint venture wins $6 billion order to build Iraq refineries

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Joint venture wins $6 billion order to build Iraq refineries

A Korean joint venture led by Hyundai Engineering and Construction has won a $6.04 billion order to build oil refining facilities in Iraq’s Karbala Refinery Project, Hyundai E&C announced yesterday.

Hyundai E&C, Hyundai Engineering, GS Engineering and Construction, and SK Engineering and Construction won the project from the country’s State Company for Oil Projects, Hyundai E&C said in a statement.

Hyundai E&C and affiliate Hyundai Engineering have a combined 37.5 percent stake worth $2.265 billion in the project. GS E&C also has a 37.5 percent stake, while SK E&C has a 25 percent stake worth $1.51 billion, Hyundai said.

GS E&C confirmed the order in a separate regulatory filing yesterday.

Spokesmen for Hyundai Engineering and SK E&C could not be immediately reached.

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