[Asia Economy Reporter Lee Chun-hee] Hyundai Engineering & Construction has secured a refinery upgrading facility project worth 2 trillion KRW in Iraq.
On the 30th, Hyundai Engineering & Construction announced that it successfully won the contract to newly build an upgrading facility at the Basra Refinery located 10 km west of Basra in southern Iraq. The contract amount is approximately 2.0252 trillion KRW, which corresponds to 11.7% of Hyundai Engineering & Construction's sales last year.
The construction is scheduled to start on January 10 next year, with a completion target of July 2025.
Hyundai Engineering & Construction explained that this project involves building a new upgrading refinery facility that uses residual oil from the currently operating Basra Refinery as raw material. Residual oil refers to the residue produced during crude oil refining.
Hyundai Engineering & Construction stated that further details regarding the contract will be withheld to maintain business confidentiality.
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