Reuters reported that STX Heavy Industries Co Ltd an unlisted unit of South Korea STX Group has obtained a USD 2 billion deal to construct and operate a large scale industrial complex in Saudi Arabia.

It said the complex comprises iron ore production and power generation plants.

STX said in a statement that under the deal signed on Saturday in Riyadh, the Korean party will be responsible for the planning, engineering, procurement, construction, operation and management of the plants to be built in the Wadi Sawawin district of Saudi Arabia North Western city of Tabuk.

It said the Saudi project also involves pelletizing and desalination plants that are required to complete the proposed industrial complex.

STX said it will produce 5 million tonnes of iron ore annually from the Wadi Sawawin mine owned by National Mining Co a venture firm that Saudi Arabia Al Sharif Group and UK based mine developer London Mining Plc established.

It added that the iron ore mine is estimated to have more than 125 million tonnes of commercial reserves.

An STX spokesman declined to give further details about the project, including capabilities of the other plants.

(Sourced from Reuters)