Hanwha wins $7.25 bil. deal from Iraq

Updated May  27, 2011

Hanwha Engineering & Construction Co. said Thursday that it has won a $7.25 billion deal from Iraq to construct a new town near its capital city, the largest-ever deal that a South Korean builder has clinched.

Under the deal with the Iraqi government, Hanwha Engineering will build the new town on a 1,830-hectare lot, 25 kilometers east of Baghdad. The South Korean builder will also construct residential complexes for 100,000 homes, it said.

Hanwha Engineering said it will complete the project within seven years. But the builder did not say when the project will begin.

In April this year, Hanwha Engineering won a $1.2 billion deal from Saudi Arabia to build a power station and desalination plant in western Saudi Arabia.

In 2009, the builder also clinched a $750 million order from Saudi Arabia to build a power plant in the industrial complex. (Yonhap)

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