Hyundai Engineering & Construction (Hyundai E&C) has signed a major contract worth $3.16 billion (4.3 trillion won) for the construction of a large-scale seawater treatment plant in Iraq, marking another milestone in the company’s decades-long engagement with the country.
The agreement for the Water Injection Project (WIP) was signed on September 14 in Baghdad, with key dignitaries in attendance, including Iraqi Prime Minister Mohammed Shia al-Sudani, Oil Minister Hayan Abdul Ghani, Hyundai E&C Plant Business Division Head Ryu Sung-an, and TotalEnergies CEO Patrick Pouyanné.
Under the project, Hyundai E&C will build a state-of-the-art seawater treatment facility near Khor al-Zubair, southeast of Baghdad. The plant will have the capacity to supply 5 million barrels of water per day, supporting key oil fields in southern Basra, including West Qurna and Rumaila. The project is jointly funded by French energy giant TotalEnergies, Iraq’s Basra Oil Company, and Qatar Energy, with construction scheduled to take 49 months after groundbreaking.
Hyundai E&C attributes this win to its long-standing presence and successful project execution in Iraq. Since its first project in the country—the Basra Sewage Phase 1 project in 1978—the company has completed 40 projects, including the Al-Mussaib Thermal Power Plant, Northern Railway, Baghdad Medical City, and the Karbala Refinery. The WIP contract is Hyundai E&C’s largest in Iraq since the $6.04 billion Karbala Refinery project completed in 2023.
Building on its strong performance in the Middle East, Hyundai E&C aims to secure new orders worth over 25 trillion won by 2030, up from its current annual target of 17.5 trillion won. The company also plans to raise its operating profit margin from 3–4% to more than 8% by the end of the decade.
“This achievement reflects the trust Iraq has placed in Hyundai E&C to deliver major national projects that contribute to economic development, even amid challenges such as war and the pandemic,” a company official stated. “We will continue to strengthen our competitive edge in bidding for projects in oil refining, power generation, and housing sectors across Iraq.”
Hyundai E&C’s global standing continues to grow. The company recently ranked 10th in the 2025 ENR Top International Contractors list, with overseas sales reaching $9.85 billion—its highest position ever and the best among South Korean construction firms. Regionally, Hyundai E&C placed 5th in the United States, 6th in the Middle East, 8th in Asia, and 10th in Latin America.
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