Hyundai E&C awarded 2.2 trillion won plant deal in Iraq

Hyundai Engineering & Construction Co. has clinched a 2.2 trillion-won deal to build a residue upgrading facility in the southern state of Basra.

It will break ground for the facility in January and or completion by July 2025.

The facility uses residue left after refining crude oil to produce such high-valued chemical products as propylene and gasoline.

Hyundai E&C recently bagged a 375 billion won deal with the Philippine government to build two station buildings and a 17 kilometer-long railway on elevated bridges as part of the Malolos to Clark Railway Project (PKGI) for the next four to five years.

The company reported a third-quarter net income of 83.8 billion won, down 61.6 percent from the previous year.