Seoul, South Korea - Hyundai Engineering and Construction Co., a leading South Korean builder, said Monday it has concluded a deal with the Iranian state-run petrochemical firm Petropars to build a US$1.2 billion gas-processing plant in Iran.

According to Asia Pulse via Yahoo, the plant, which Hyundai will build with Germany's Linde Group, is projected to have an annual production capacity of 1.2 million tons of ethylene once construction is completed after four years, the company announced.

Hyundai Construction is set to earn $567 million from the contract. The facility is to be built at Asalouyeh industrial complex in southern Iran. Hyundai has clinched overseas orders worth $2 billion this year, 90 percent of which are centered on profitable plant construction, its spokesman said.