Samsung Engineering wins $1 bln order for oil plant in Iraq

Samsung Engineering Co., a leading Korean industrial plant builder, said Friday that it has won a contract worth 1 billion U.S. dollars to build an oil development-related facility in Iraq.

Under a deal with Lukoil of Russia, Samsung will build a gas oil separation plant in Basra, Iraq.

Attending the signing ceremony included Samsung CEO Park Ki-Seok, Korean Ambassador to Iraq Kim Hyeon-myeong, Lukoil Vice President Sergei Nikiforov and Iraqi Oil Minister Abdul Karim Luaibi.

The plant in Basra will have a production capacity of 460,000 barrels a day by separating crude composites into oil and gas. Completion is slated for July 2014.