Hyundai Engineering & Construction Co. said Monday it has won a $1.2-billion contract to build a natural gas processing plant in Iran.
The contract calls for Hyundai to build the plant in a coastal area 740 miles south of Tehran for Agip Iran B.V., a consortium led by Italian oil company Agip SpA, the company said in a statement.
Construction will begin this month. When completed in February, 2005, the plant will be capable of producing 2 billion cubic feet of natural gas a day, it said.
Hyundai Engineering & Construction is South Korea’s largest builder.
