UB Holding Bags Steel Plant Rehabilitation Project

Iraq’s cabinet agreed to award Turkey’s UB Holding a project to rehabilitate a steel plant in the south of the Arabian Gulf country, according to an official at the Iraqi Ministry of Industry and Minerals.

The government will sign the contract with UB Holding within a month, Amer Abdel Razzaq, deputy director general of the ministry’s investment department, said in a telephone interview in Baghdad yesterday.

UB Holding will spend about $500 million for the first phase of the rehabilitation plan of the steel plant in the province of Basra, Abdel Razzaq said in a June 19 interview.

Times of Oman