S.Korea firm wins three billion dollar Iraq order

S.Korea firm wins three billion dollar Iraq order

By Manager Online

4 February 2010 13:29

File photo shows a pylon being used to hold electrical cables leading to a generator at a housing estate in Baghdad. South Korea's STX Heavy Industries said Thursday it has signed an initial three billion dollar deal with Iraq to build a steel plant and gas-fired power station as part of post-war reconstruction. (AFP/File/Ali Yussef)

February 4, 2010
SEOUL (AFP) - South Korea's STX Heavy Industries said Thursday it has signed an initial three billion dollar deal with Iraq to build a steel plant and gas-fired power station as part of post-war reconstruction.

The firm said in a statement it signed a memorandum of understanding to build the power plant with a 500 megawatt capacity and a steel plant with an annual three million ton capacity in the southern city of Basra.

Iraq needs eight million tons of steel a year for reconstruction and infrastructure, STX Heavy said, adding it would seek more reconstruction contracts.

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