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