South Korea's LS industrial wins $150m deal in Iraq

LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Tuesday it has won its largest-ever overseas deal worth US$150 million to supply electricity equipment for substations in Iraq.

Under the deal, LS Industrial will supply equipment to the Gas Insulated Switchgear (GIS) substations to be built as part of the Bismayah New City Project (BNCP), which is led by South Korean construction firm Hanwha Engineering & Construction Corp. The contract will run for four years, according to South Korea's (Yonhap) News Agency.

In 2012, Hanwha, South Korea's 10th-largest conglomerate, whose main businesses include defense and solar power, won the $8 billion BNCP deal, the biggest urban development project in Iraq.

The new city, located 10 kilometers southeast of Baghdad, covers 1,830 hectares of land and is being built to accommodate around 600,000 occupants in a total of 100,000 residential units by 2019.

LS Industrial first tapped the Middle East country in 2011 and has won a total of $500 million worth of projects as of end-2014 there.