Builders sign deal to build $6.04 billion oil plant in IraqFour Korean construction companies have secured a $6.04 billion contract to build an oil refinery in Iraq and have signed a deal with the Iraqi State Company for Oil Projects. The deal is the biggest overseas industrial plant project won by local firms.
The consortium of Hyundai E&C, GS E&C, SK E&C and Hyundai Engineering said that it signed the contract to build Karbala oil plant south of Baghdad. The plant will produce 140,000 barrels of oils per day and is expected to take 54 months to build.
GS E&C has a 37.5 percent stake in the project and will receive $2.26 billion, while SK E&C has a 25 percent stake. Hyundai E&C and Hyundai Engineering have a combined 37.5 percent stake.
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