Korean builders face risk of losing $755 mil. in unpaid Iraq refinery project
Hyundai Engineering & Construction (E&C) and three other local builders are at risk of losing more than 1 trillion won ($755 million) tied up in a major Iraqi refinery project, according to documents obtained by a ruling party lawmaker Friday. Hyundai E&C, GS Engineering & Construction, SK ecoplant and Hyundai Engineering have yet to collect 625.4 billion won in outstanding payments and are…
Korean construction firms Hyundai Engineering & Construction, GS Engineering & Construction, SK ecoplant, and Hyundai Engineering could lose over $755 million on an Iraqi refinery project, according to documents revealed by a ruling party lawmaker. The firms have yet to receive 625.4 billion won in unpaid payments for work on the $6.8 billion Karbala Refinery Project.
This project, commissioned by Iraq's state-owned State Company for Oil Projects (SCOP), was delayed by internal conflict and the COVID-19 pandemic. Despite handing over the refinery's facilities to the Iraqi side in December 2023, SCOP has refused to pay, citing unresolved defects and missing tax documents.
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