October 08, 2010 11:46
Hyundai Engineering and Construction has finalized a US$1.3 billion contract to build power plants in Libya.
According to Seoul's Foreign Ministry, it is the first large-scale contract between the two countries since the strained Korea-Libya relations were normalized this month.
The company is set to receive a 15-percent advance this week and break ground for construction next month.
The relations between the two countries had soured in June when a Korean intelligence agent was deported from Libya for allegedly collecting information on Libyan leader Muammar al-Qaddafi.
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