The Iraqi cabinet has approved the award of a contract to build a 140,000 b/d refinery at Karbala to a consortium led by Korea’s Hyundai Engineering and Construction. Following a meeting on 7 January, the Council of Ministers announced that the refinery would cost $6.04bn and take 54 months to build.
Hyundai and Korea’s GS Engineering and Construction subsequently confirmed that they were involved in discussions to secure the Karbala refinery project. Oil Minister ‘Abd al-Karim al-Laibi says the consortium comprises four companies: Korea’s SK and Hyundai are understood to be among the four. (CONTINUED - 586 WORDS)