Hyundai Engineering & Construction received a letter of intent (LOI) for the construction of the Common Seawater Supply Project worth a total of $2.45 billion in Iraq on May 22.
It is a seawater treatment plant project that can produce 5 million barrels of water a day to pump into oil wells to increase crude oil production in the southern oil field of Basra, ordered by Basrah Oil Company under the Iraqi Oil Ministry.
Hyundai Engineering won the order alone, and the construction period is a total of 49 months after construction begins.
When the project is completed, it is expected to contribute to increasing production of crude oil in Iraq, while increasing fiscal spending, and greatly contributing to economic growth.
This order follows the construction of the Karbala refinery, which was awarded in 2014, which is based on the high-quality plant construction performance held by Hyundai Engineering & Construction, excellent technology and the overall trust of the Iraqi government and its owners.
"The order was based on the strong confidence of the Iraqi government in Hyundai, which remained there during the last two wars to protect the site and successfully carry out major state projects in Iraq for a long time," an official at Hyundai Construction said.