Hyundai Engineering & Construction Co. (Hyundai E&C) has bagged a $3 billion order to build a seawater treatment plant in Iraq, marking the builder’s second-largest construction project in the country.
The company said that it signed the contract with TotalEnergies SE, a French multinational integrated energy and petroleum company.
The deal is the Water Infrastructure Project (WIP) aimed at constructing a seawater treatment facility with a daily capacity of 5 million barrels at Khor Al Zubair Port in Basra, about 500 kilometers southeast of Baghdad.
Fresh water produced from the plant will be used to boost crude oil output in Iraq’s southern oilfields, including West Qurna and Rumaila.
The project, jointly invested in by TotalEnergies, QatarEnergy LNG and Iraq’s Basra Oil Company, is expected to be completed within 49 months of construction, Hyundai E&C said.
The Korean engineering company said the latest deal is its second-largest construction deal in Iraq after an over $6 billion contract to build an oil refinery in Karbala, completed in 2023.
With the fresh deal, the Korean builder is expected to further expand its presence in the global energy market by winning more orders for energy infrastructure like oil fields in the Middle East in partnership with global energy companies, such as TotalEnergies.
Since Hyundai E&C first advanced into Iraq in 1978 with the construction of a sewage system in Basra, it has carried out about 40 construction projects, including oil refineries and railways worth about $9 billion in total, the Korean company said.
Source: KED Global