Hanwha Receives Further Payment for Bismaya

By John Lee.

Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad.

This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the total construction cost.

The $8-billion project is the largest overseas construction project ever for a Korean company, according to a report from BusinessKorea.

CEO Lee Geun-po of Hanwha E&C said:

Successful receipt of deposit this time proves the strong confidence of the Iraqi government in Chairman Kim Seung-yeon and the great capabilities of Hanwha E&C in construction performances.

"Even during the civil war in Iraq, Hanwha E&C employees and subcontractors are very devoted to proceed with the construction.

(Source: BusinessKorea)

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