NORINCO International Cooperation Ltd signed a contract worth $445 million with Iraq's Jabal Bazian Co for General Trading, the Chinese company said in an announcement posted on the website of the Shenzhen Stock Exchange.
The contract, covering a cement plant that is to be built over 28 months, was signed in Iraq, according to the announcement.
It covers the plant's production line design, purchasing, construction management, operational work as well as assorted administration buildings, dormitories, dining halls and other facilities, it said.
For NORINCO International, the business sector of China North Industries Corp that is involved in its international economic and technical cooperation, this is its first order in the Iraqi market, marking a breakthrough in expanding its business to a new country, Chinese media outlet cfi.cn reported.
The company is actively exploring the overseas market by taking advantage of NORINCO's rich customer base and global network.
According to Yicai Global, the local company is based in Iraqi Kurdistan and is owned by Taher Mustafa Ahmed.
Norinco has previous experience in Iraq, having built an oil tank project for the State Company for Oil Projects (SCOP), to be used by the South Gas Company (SGC), as part of the UN oil-for-food program.
Yicai Global, Global Times