Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
3
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
Disney+ offers sneak peek at 2025 lineup of Korean originals
-
7
South Korean military plans to launch new division for future warfare
-
8
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
9
Teen smoking, drinking decline, while mental health, dietary habits worsen
-
10
Kia EV9 GT marks world debut at LA Motor Show
[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.
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.
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)
-
Articles by Korea Herald
