South Korea's Hyundai Engineering & Construction has been awarded subcontracts totalling $220 million to rebuild water and power infrastructure in the north. The subcontracts come under two indefinite delivery, indefinite quantity (ID/IQ) prime contracts awarded in mid-March to a joint venture between the Washington Groupand Black & Veatch, both of the US.
The Korean firm says it expects to be awarded further orders worth $160 million, including repair work on power plants. Hyundai is pursuing through the UK High Court about $1,100 million it is owed by the former regime for construction work carried out in the 1980s. A statement by the company says its return to the country raises hopes that it would be able to recover the debt (MEED 19:3:04).
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