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지나쌤

Hyundai E&C halts Iraqi project over late payment

By Korea Herald

Published : June 16, 2016 - 13:57

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[THE INVESTOR] A $6.04 billion refinery project being undertaken by a Korean consortium in Iraq has effectively come to a stop due to late payments from the Iraqi government.

The Hyundai Engineering and Construction Co.-led consortium began the multibillion-dollar project to construct a refinery in Karbala in April 2015.
 
The consortium also including GS Engineering and Construction Co., SK E&C Co. and Hyundai Engineering Co.

Officials from companies engaged in the project pose for a photograph in April 2014. Officials from companies engaged in the project pose for a photograph in April 2014.


Although substantial progress has been made, the Iraqi government delayed payments, Hyundai E&C said. The completion rate of the project is about 22 percent.

The company said that work has not been halted completely, and that 100 or so officials remain at the site and are now working on a solution.

Alternative payments are being considered including receiving crude oil in place of cash, the company said. 


By Choi He-suk (cheesuk@heraldcorp.com)

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