Turkish Firm Wins $500m Steel Plant Rehabilitation
By John Lee.
The Iraqi government has awarded a contract to rehabilitate a steel plant in the province of Basra to Turkey’s UB Holding, according to report from Bloomberg.
An official at the Iraqi Ministry of Industry and Minerals told the news agency that the contract would be signed within a month.
UB Holding will spend about $500 million in the first phase of the project.
With a workforce of about 1500 employees, mainly in Iraq and Turkey, UB claims to be the largest private-sector employer in Northern Iraq.
(Sources: Bloomberg, UB Holding)