TotalEnergies Chairman Patrick Pouyanne (L) talks with Hyundai E&C Senior Vice President
Ryu Seong-an (R) after signing a $3 billion contract to build a seawater treatment facility in
Iraq at the Prime Minister’s Office in Baghdad on Sunday. Standing behind them is Iraqi
Prime Minister Mohammed Shia’ Al-Sudani. Photo courtesy of Hyundai E&C
SEOUL, Sept. 15 (UPI) — South Korea’s Hyundai Engineering & Construction said Monday that it received a $3 billion order to build a mega-sized seawater treatment plant in Iraq.
It is a Water Infrastructure Project, Iraq’s state initiative aimed at constructing a seawater treatment facility at Khor Al-Zubair Port about 310 miles southeast of Baghdad.
Hyundai E&C noted that the plant would supply up to 5 million barrels of water every day to major oil fields in southern Iraq, including West Qurna and Rumaila, to enhance crude oil output.
The Seoul-based contractor will break ground on the project this November, with the goal of completing construction by the end of 2029.
Iraq, which derives more than 90% of its national revenue from oil exports, is seeking to nearly double daily production to 8 million barrels from 4.2 billion by 2030, according to Hyundai E&C.
The contract was awarded by TotalEnergies, a French multinational energy company that invested in WIP with Qatar’s state-run Qatar Energy and Iraq’s government-backed Basrah Oil Co.
The agreement marks Hyundai E&C’s second-largest construction project in the Arab country after the $6 billion deal to establish an oil refinery in Karbala, which was finished in 2023.
“We will put forth effort to secure a competitive edge in bidding for future projects in Iraq, including refineries, power plants, and housing, which are expected to see continued demand,” Hyundai E&C said in a statement.
Hyundai E&C’s share price rose 1.01% on the Seoul bourse Monday.