South Korea's leading construction company Hyundai Engineering & Construction said Monday it has secured a 4 trillion won ($2.9 billion) contract to build a large-scale seawater treatment facility. The signing ceremony took place Sunday at the Iraqi Prime Minister’s Office in Baghdad.
The project is part of Iraq’s integrated development plan, which includes gas, oil, solar power and water infrastructure.
Under the deal, Hyundai E&C will construct a seawater treatment plant near the Khor Al-Zubair Port, located about 500 kilometers southeast of Baghdad, with a daily capacity of 5 million barrels. Construction is expected to take approximately four years.
Water from the plant will be supplied to major oil fields in southern Iraq, including West Qurna and Rumaila, to boost crude oil production.
Iraq, which relies on oil exports for more than 90 percent of national revenue, is seeking to double output from the current 4.2 million barrels per day to 8 million barrels by 2030.
The project is jointly financed by France’s TotalEnergies, Iraq’s state-run Basrah Oil Company and Qatar Energy, Qatar’s state-owned petroleum company.
Hyundai E&C said it aims to continue expanding large-scale oil, petrochemical and industrial facility projects, while strengthening cooperation with global energy leaders such as TotalEnergies, ExxonMobil and Royal Dutch Shell.
"Despite uncertainties such as war and the COVID-19 pandemic, a key factor was trust in our company, which has responsibly carried out major national projects in Iraq for a long time, contributing to the country's economic growth," said a Hyundai E&C official.
"We will continue to do our best to secure an advantageous position for orders in a range of sectors, such as oil refineries, power facilities and housing, which Iraq is expected to continue commissioning."
andreahaneu@heraldcorp.com
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