Daewoo E&C wins W2.9tr port deal in Iraq

This graphic image provided by Daewoo E&C shows the Al Faw port to be built in Basra, Iraq. (Daewoo E&C)

Daewoo Engineering & Construction Co., a major South Korean builder, said Monday it has signed a 2.9 trillion-won ($2.7 billion) deal with the Iraqi government to build port facilities.

Daewoo E&C has obtained the deal from the state-run General Company for Ports of Iraq (GCPI) to build a tunnel, a container terminal and roads to the Al Faw port in Basra, the company said in a statement.

"The company participated in the port construction project from 2013. In the previous deal, we already won a 1.2 trillion-won order to build a terminal, a seawall and other facilities at the port," a company spokesman said.

The combined value of the two deals the company has earned reaches 4.1 trillion won, he said.

Daewoo E&C won overseas orders worth 5.88 trillion won last year, achieving its annual overseas order target of 5.07 trillion won, it said. (Yonhap)