South Korea's $220 Million Reward

South Korea's largest construction company, Hyundai Engineering and Construction Co., has received a $220 million order from Iraq, a company official said Monday.

It is the first construction order secured by a South Korean company in Iraq since last year's war, according to the official.

The order is part of a US $1.1 billion contract U.S. construction company Washington Group received early last month. Hyundai is a partner of Washington Group.

The official said Hyundai's presence in the Iraqi construction market is expected to increase as it has signed a memorandum of understanding with Washington Group stating that the South Korean company will undertake more than 20 per cent of orders received by its U.S. partner.

Hyundai plans to participate jointly with U.S. companies in obtaining rehabilitation orders worth US$18.4 billion over the next five years and US$5 billion worth to be offered by Japanese reconstruction funds, the official said.

In returning to Iraq, he pointed out, Hyundai will also try to retrieve unpaid construction bills of US$1.14 billion through consultations with the new Iraqi government.