Hyundai wins $1.2b contract in Iran

Hyundai wins $1.2b contract in Iran

SEOUL: South Korea's ailing Hyundai Engineering and Construction Co. (HEC) said Monday it won a record US$1.2 billion order to build gas plants in Iran, helping to ease its prolonged liquidity crisis.

The contract, which the construction giant said it hoped would also help to boost its image, is HEC's biggest ever order. Creditors controlled HEC's finances at the height of its crisis last October.

The order from a consortium led by Agip SpA and Iranian state- run oil company Petropars calls for HEC, currently constructing phases two and three of Iran's 12 phase gas plant project, to undertake phases four and five. -AFP