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Hanwha E & C receives $ 166 mil.from Iraq
[You must be registered and logged in to see this link.] 1/17/16 Hanwha Engineering & Construction (E & C) CEO Choi Kwang-ho, left, talks with Iraqi Prime Minister Haider al-Abadi at the PM's office in Baghdad. / Courtesy of Hanwha E & C
By Lee Hyo-sik
Hanwha Engineering & Construction (E & C) has received $ 166 million from the Iraqi government, part of a $ 8 billion contract under which Hanwha has been building a massive urban complex near Baghdad since 2012.
The company said Sunday that it received the money from the Middle Eastern nation's central bank after completing a stage of the project as scheduled. Hanwha is being paid in installments according to the project's progress.
The news came three weeks after company CEO Choi Kwang-ho met Iraqi Prime Minister Haider al-Abadi in Baghdad on Dec. 27.
They discussed the $ 8 billion project under which Hanwha is building 100,000 houses and other urban infrastructure Bismayah, about 10 kilometers southeast of Baghdad.The project, which began in 2012, is expected to be completed in 2019.
The Iraqi Prime Minister expressed gratitude to Hanwha employees, according to the company. The Prime Minister also pledged to continue its full support, Hanwha said.
Last September, Hanwha won a separate $ 2.12 billion project to build the infrastructure, including schools, hospitals, police stations and fire stations in Bismayah.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.] 1/17/16 Hanwha Engineering & Construction (E & C) CEO Choi Kwang-ho, left, talks with Iraqi Prime Minister Haider al-Abadi at the PM's office in Baghdad. / Courtesy of Hanwha E & C
By Lee Hyo-sik
Hanwha Engineering & Construction (E & C) has received $ 166 million from the Iraqi government, part of a $ 8 billion contract under which Hanwha has been building a massive urban complex near Baghdad since 2012.
The company said Sunday that it received the money from the Middle Eastern nation's central bank after completing a stage of the project as scheduled. Hanwha is being paid in installments according to the project's progress.
The news came three weeks after company CEO Choi Kwang-ho met Iraqi Prime Minister Haider al-Abadi in Baghdad on Dec. 27.
They discussed the $ 8 billion project under which Hanwha is building 100,000 houses and other urban infrastructure Bismayah, about 10 kilometers southeast of Baghdad.The project, which began in 2012, is expected to be completed in 2019.
The Iraqi Prime Minister expressed gratitude to Hanwha employees, according to the company. The Prime Minister also pledged to continue its full support, Hanwha said.
Last September, Hanwha won a separate $ 2.12 billion project to build the infrastructure, including schools, hospitals, police stations and fire stations in Bismayah.
[You must be registered and logged in to see this link.]
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