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지나쌤

Korean builders ink $6b Iraq oil refinery contract

By Korea Herald

Published : April 23, 2014 - 19:56

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Four South Korean construction companies said Wednesday that they formally signed a $6.04 billion contract to build a large-scale oil refinery in Iraq.

The contract secured by a consortium of Hyundai Engineering and Construction, GS E&C, SK Engineering and Construction and Hyundai Engineering represents the largest overseas industrial plant project won by local firms.

The South Korean joint venture said the Karbala plant is to be built some 120 kilometers southwest of Baghdad. The construction is expected to take 54 months.

Once completed, the refinery ordered by Iraq’s State Company for Oil Project will be able to process 140,000 barrels of crude oil per day into liquefied petroleum gas, gasoline, diesel and other petroleum products.

The two Hyundai companies have a combined 37.5 percent stake in the cooperative effort, with GS and SK controlling 37.5 percent and 25 percent, respectively. The stakes translate into about $2.26 billion each for GS E&C and the two Hyundai affiliates combined, and $1.51 billion for SK E&C. (Yonhap)

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