Korea Daewoo Engineering Receives $150M Libyan Contract
Korea's Daewoo Engineering and Construction Company has announced, Tuesday, that it has received a hospital renovation order worth $150 million from the Libyan government.
The builder will start renovating the hospital and setting up electricity facilities in Benghazi, the second largest city of Libya, in June, said Dow Jones.
Daewoo Engineering spokesman was quoted by news service as saying that “the company plans to finish the project in December 2002.”
Daewoo said it will receive 15 percent of the construction costs from Libya in June, with a payment guarantee from the Central Bank of Libya.
Libya's head of state Moammar Gadhafi told Daewoo Engineering President Lee Jung-koo in March that the company is likely to receive contracts to build hospitals and other drainage systems worth $450 million, Yonhap News Agency reported Tuesday.
The spokesman said Tuesday the company is negotiating to land more contracts worth $200 million this year, including for drainage systems worth $150 million, for a hospital worth $35 million, and for buildings for publishing companies – Albawaba.com
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