AFP reported that South Korean builder Hyundai Engineering and Construction has finalized USD 1.36 billion deal with Libya after the Islamic country ended a diplomatic row with Seoul.
Seoul's foreign ministry said that Hyundai won the order in July to build power plants in Libya but it had not received a letter of credit necessary to start construction. However, the letter was issued last week.
Hyundai will receive 15% of the order in advance. Construction would begin early next month. Ties between the two nations soured after Libya expelled a South Korean intelligence agent in June for allegedly trying to collect information on the sly.
Libya suspended operations at its de facto embassy in Seoul, forcing South Korean businessmen to go overseas to get visas for the country.
(Sourced from AFP)
On the other hand,
Hyundai Engineering and Construction Company has been awarded a US$329m (AED1.2bn) contract to carry out building works at the Khalifa Port and Industrial Zone (KPIZ) project.
The works, which involve the project management, design, procurement, construction, testing and commissioning of civil works for the Offshore Terminal Area, will commence immediately - scheduled to complete by Q4 2012 in time for the port to become operational that year.
Specifically, this will include the construction of a 1,000m semi-automated container terminal and a 1,400m break bulk / general cargo terminal intended to handle two million TEUs (Twenty Foot Equivalent Units) of containers and nine million tonnes of general cargo as an initial capacity.