IEFCL CEO Munish Jindal (left) and Daewoo E&C Vice President Lee Yeon-woo. [Photo provided by Daewoo E&C]
South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) has bagged a $289 million order in a follow-up deal to build an ammonia and urea fertilizer factory in Nigeria.
Daewoo E&C said on Friday it won an order from Indorama Eleme Fertilizer & Chemicals Ltd. to build a fertilizer plant with a daily capacity of 2,300 tons of ammonia and 4,000 tons of urea in Eleme, Port Harcourt, Nigeria.
The $700 million project will pay $289 million for the 32-month-long construction.
Daewoo E&C successfully finished the first project to construct the world’s largest fertilizer plant for Indorama in March. The successful completion helped to win the follow-up project, a company official said.
Korea’s Kiwoom Securities Co. recently revised up the company’s stock price target to 7,000 won ($6.50) from 6,000 won. Shares of Daewoo E&C Friday closed up 3.44 percent at 6,610 won.
By Chun Beom-joo and Lee Ha-yeon
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