Iraq negotiates purchase of 250 K2 tanks in multi-billion-dollar deal with South Korea

English Posted on  —by Carro e motos
Iraq negotiates purchase of 250 K2 tanks in multi-billion-dollar deal with South Korea
Iraq negotiates purchase of 250 K2 tanks in multi-billion-dollar deal with South Korea (X @Defence_Index)

The potential purchase of 250 K2 Black Panther tanks by Iraq could become one of the largest recent armored vehicle contracts on the international market.

According to South Korean brokerage Kiwoom Securities, Hyundai Rotem is in advanced negotiations with Baghdad as part of a modernization program aimed at replacing aging armored vehicles. Market expectations are that the deal, estimated at around US$ 6.5 billion, could be finalized later this year, although there has been no official confirmation.

Iraq’s interest is part of a broader move by Hyundai Rotem to diversify its export destinations beyond Poland, currently the largest K2 customer. The company is also in talks with Peru, Romania, and Saudi Arabia, reflecting growing international demand for South Korean land combat systems. These negotiations follow large-scale deliveries of the K2 to the Polish Army, which have served as a showcase for the vehicle in the European market.

In Peru’s case, a framework agreement was already signed in December last year for the purchase of 54 K2 tanks and 141 wheeled armored vehicles, in a package valued at approximately US$ 2 billion. Romania, for its part, has earmarked about US$ 7.6 billion for a next-generation tank program that предусматривает the acquisition of 216 units, with the K2 emerging as one of the leading contenders against Western projects.

+ Russian consortium delivers new IMR-3M engineering armored vehicles to the troops

Despite the positive outlook abroad, Kiwoom notes that Hyundai Rotem is facing short-term cost pressures due to the initial production phase of newly contracted batches. Expectations, however, are that these expenses will decline as the assembly line stabilizes, allowing the company to consolidate its presence in Europe, the Middle East, and Latin America with the K2, equipped with a 120 mm gun, advanced fire-control systems, and active protection options for high-intensity operations.

Source: Defence Blog | Photo: X @Defence_Index | This content was created with the help of AI and reviewed by the editorial team

Back to top