SEOUL, Oct. 30 (Yonhap) — Hyundai Engineering & Construction Co., a major builder here, said Friday it has clinched a 2.2 trillion-won (US$1.99 billion) deal to build a residue upgrading complex in Iraq.

In a regulatory filing, the South Korean builder said it signed the contract with the state-run Basra Oil Co. to build the residue upgrading facility in the southern state of Basra.

The residue upgrading facility produces high-valued chemical products, such as propylene and gasoline, using residue left after refining crude oil.Hyundai E&C said it will break the ground for the facility in January to complete it by July 2025.

The deal accounts for 11.7 percent of the company’s revenue last year, it noted.