{
  "id": 16176626,
  "title": "Korean builders face risk of losing $755 mil. in unpaid Iraq refinery project",
  "url": "https://urgent.news/2026/10/23/korean-builders-face-risk-of-losing-755-mil-in-unpaid-iraq-refinery",
  "topic": "world",
  "section": "World",
  "published": "2026-10-23T11:17:02.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times",
    "url": "https://www.koreatimes.co.kr/business/companies/20261023/korean-builders-face-risk-of-losing-755-mil-in-unpaid-iraq-refinery-project"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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…",
  "key_points": [
    "Korean firms face potential $755 million loss on Iraqi refinery project.",
    "SCOP refuses payment due to defects and missing tax documents."
  ],
  "editors_take": "The refusal of Iraq's state oil company to settle outstanding debts despite completed work places a massive financial burden on South Korean construction firms facing significant liquidity risks.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}