FINANCIAL NEWS

Hyundai unit finalizes $1.36b deal with Libya

07 Oct 2010

(MENAFN) Hyundai Engineering and Construction has finalized a $1.36 billion deal with Libya after the Islamic country ended a diplomatic row with Seoul, Reuters reported.

Hyundai won the order in July to build power plants in Libya but it had not received a letter of credit necessary to start construction, Seoul’s foreign ministry said.

Hyundai will receive 15 percent of the order in advance, Yonhap news agency said, adding construction would begin early next month.

Ties between the two nations soured after Libya expelled a South Korean intelligence agent in June for allegedly trying to collect information on leader Moamer Kadhafi, his family and leading bureaucrats.

Libya suspended operations at its de facto embassy in Seoul, forcing South Korean businessmen to go overseas to get visas for the country.

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