Korean builders face risk of losing $755 mil. in unpaid Iraq refinery project

The Korea Times - Oct 23, 2026

Hyundai Engineering & Construction (E&C) and three other local builders are at risk of losing more than 1 trillion won ($755 million) tied up in a major Iraqi refinery project, according to documents obtained by a ruling party lawmaker Friday. Hyundai E&C, GS Engineering & Construction, SK ecoplant and Hyundai Engineering have yet to collect 625.4 billion won in outstanding payments and are facing the possible forfeiture of another 420.2 billion won in performance guarantees. The builders have been seeking payment for work on the $6.8 billion Karbala Refinery Project, commissioned by Iraq's state-owned State Company for Oil Projects (SCOP). Company materials provided to Rep. Lee Jae-gang of the ruling Democratic Party of Korea showed the construction of a refinery capable of processing 140,000 barrels of crude oil per day was delayed by factors including Iraq’s internal conflict and the COVID-19 pandemic. The companies handed over the refinery's facilities to the Iraqi side in December 2023. However, SCOP has withheld payments, citing outstanding defects and missing tax-related docume

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Merck opens new semiconductor materials facility in Korea

Oct 22, 2026

Merck opens new semiconductor materials facility in Korea

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FTC to collect public opinion on draft guidelines against 'AI washing'

Oct 22, 2026

FTC to collect public opinion on draft guidelines against 'AI washing'

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Court rules against Lone Star in $125.9 mil. tax case

Oct 22, 2026

Court rules against Lone Star in $125.9 mil. tax case

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LG Electronics brings AI and robotics to world's largest tidal power plant

Oct 22, 2026

LG Electronics brings AI and robotics to world's largest tidal power plant

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Oct 22, 2026

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Oct 22, 2026

Young Poong loses shareholder derivative suit against Korea Zinc

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Oct 22, 2026

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Oct 22, 2026

Regulators weigh antitrust safeguards as Naver-Dunamu deal stalls

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Samsung SDI to sponsor Korea's International Chemistry Olympiad team

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Oct 22, 2026

Samsung chairman visits UAE, encourages employees

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Oct 22, 2026

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