Hyundai Engineering and Construction announced today, Friday, the signing of a contract worth 1.9 billion dollars (2.2 trillion won) to establish a plant for recycling oil waste in Iraq.
“Yonhap” news agency reported that Hyundai entered into a contract with the Basra Oil Company to build a facility that would raise the level of waste in the southern governorate.
She added that the waste recycling plant is expected to produce high-quality chemical products, such as propylene and gasoline, using the residues left after refining the crude oil.
Hyundai Engineering and Construction said it would start construction work on the facility in January of next year, with the facility to be inaugurated by July 2025.
She noted that the deal represented 11.7 percent of last year’s revenue for the company, which is the main construction company in South Korea.
The Iraqi government had announced earlier, the signing of a contract with the Japanese company “JGC” to convert the surplus waste in the oil industries into high-value products.
She explained that the project “aims to increase the production capacity of the Southern Refineries Company, by converting the surplus production waste represented by black oil into high-value products, such as high-octane gasoline, gas oil, mixed naphtha and fuel oil, with international specifications,” and also includes “a cracking unit by worker The assistant is in Basra near Al-Shuaiba refinery, which is one of the advanced technology projects that is entering Iraq for the first time, and will work on converting the black oil, which constitutes 40-50 percent of crude oil, into light, high-value products.
“Yonhap” news agency reported that Hyundai entered into a contract with the Basra Oil Company to build a facility that would raise the level of waste in the southern governorate.
She added that the waste recycling plant is expected to produce high-quality chemical products, such as propylene and gasoline, using the residues left after refining the crude oil.
Hyundai Engineering and Construction said it would start construction work on the facility in January of next year, with the facility to be inaugurated by July 2025.
She noted that the deal represented 11.7 percent of last year’s revenue for the company, which is the main construction company in South Korea.
The Iraqi government had announced earlier, the signing of a contract with the Japanese company “JGC” to convert the surplus waste in the oil industries into high-value products.
She explained that the project “aims to increase the production capacity of the Southern Refineries Company, by converting the surplus production waste represented by black oil into high-value products, such as high-octane gasoline, gas oil, mixed naphtha and fuel oil, with international specifications,” and also includes “a cracking unit by worker The assistant is in Basra near Al-Shuaiba refinery, which is one of the advanced technology projects that is entering Iraq for the first time, and will work on converting the black oil, which constitutes 40-50 percent of crude oil, into light, high-value products.
Source: Sputnik
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