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Iraq awards STX Heavy a $2.76bn EPC contract
South Korea-based STX Heavy Industries has received an engineering, procurement and construction contract from the Iraq's Ministry of Electricity in Baghdad for the development of 25 diesel fired plants in Iraq. Under the $2.76bn contract, STX Group's unit will develop complexes capable of generating 2,500MW of energy.
The plants will be located from the southern city of Basra to the south of Baghdad.
The company said the deal is part of Iraq's project to build 50 new power plants at a cost of $6.25bn.
STX Heavy president Lee Chan-Woo said execution of this contract will help them secure more contracts in Iraq and other middle east countries.
Construction of the diesel-fired plants is expected to be complete in 13 months.
In September 2010 STX Heavy Industries secured a $200m contract to build a steel plant for Saudi Arabia's South Steel Company