Hyundai E&C announced that it has signed a contract for the Water Injection Plant (WIP) project in Iraq.
The value of the contract is approximately $3 billion (around 4.17 trillion won).
The signing ceremony was attended by key officials including Iraqi Prime Minister Mohammed Shia Al Sachdani, Iraqi Oil Minister Hayan Abdul Gani, along with representatives from Qatar Energy and TotalEnergies.
The WIP project involves constructing a seawater treatment plant near the port of Kor Al Zubair, about 500 km southeast of Baghdad, capable of producing 5 million barrels of water per day.
The water produced will be used to increase oil production in Iraq’s major oil fields, such as West Qurna in Basra’s southern region and Rumaila in the south.
This project is a joint investment involving French energy giant TotalEnergies, Iraq’s Basra Oil Company, and Qatar Energy. It is part of Iraq’s strategic goal to increase daily oil output from the current 4.2 million barrels to 8 million barrels by 2030. The construction period for the project is 49 months.
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