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Hanwha E&C collects $239m from Iraq for Bismayah New City project
By Kim Bo-gyungPublished : May 24, 2018 - 15:46
Hanwha Engineering & Construction has received $230 million from the Iraqi government for the Bismayah New City development project there, the company said Thursday.
The latest payment includes outstanding payments from last year and part of this year’s contract fees.
Hanwha E&C has so far received $3.4 billion out of the $10.1 billion contract.
The latest payment includes outstanding payments from last year and part of this year’s contract fees.
Hanwha E&C has so far received $3.4 billion out of the $10.1 billion contract.
The firm won the construction deal with the Iraqi government in May 2012. Payments were made three times during Iraq’s election period, showing the Iraqi government’s determination to proceed with the project, the company said.
Taking part in Iraq’s Bismayah project, located about 10 kilometers southeast of the capital Baghdad, Hanwha E&C will build houses for about 100,000 households alongside social facilities.
By Kim Bo-gyung (lisakim425@heraldcorp.com)
