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Hyundai E&C Shines in Middle East

By Park Hyong-ki
Staff Reporter - Korea Times


 
Hyundai Engineering and Construction (HEC), one of Korea’s three biggest construction companies, has clinched some $51.9 billion in orders abroad since 1965 when it started to expand globally.

Praised for its speed in constructing industrial plants, office towers and public works, HEC has been ranked among the world’s top 20 construction firms since the beginning of its expansion.

HEC has its spotlight on the Middle East where it has enjoyed continuous praise from regional officials for its knowledge of the construction technologies of energy plants.

In Qatar, HEC is the first Korean construction firm to win an order to build a liquefied natural gas plant, a field which until then had been dominated by Japanese and European builders.

Also, HEC received a lumpsum contract to construct a $1.3 billion liquid processing unit (LPU) for Qatar Shell GTL Limited in Qatar.

Last September, the Korean company secured a $780 million order from the state-run oil company Saudi Aramco to build gas processing facilities in the Khurais oilfield, Saudi Arabia.

The facilities will have the capacity to produce 550 million cubic feet of natural gas and 70,000 barrels of natural gas liquids (NGL) a day.

In Iran, the firm built a gas processing facility in South Pars, one of the world’s largest natural gas fields.

 

The New Oil Pier built by Hyundai Engineering and Construction for the Kuwait National Petroleum Company in Kuwait.
/ Courtesy of Hyundai E&C

 

 

Currently, HEC is bidding on large-scale projects to construct oil refineries and power plants in Kuwait and the United Arab Emirates respectively.

HEC is targeting some $2.7 billion worth of overseas orders by the end of this year, up from $2.5 billion it earned last year.

As of September, it has won over $2.3 billion in construction orders in 11 countries.

The company is confident of reaching its goals for this year by keeping its momentum especially in the Middle East, which HEC regards as its next growth platform.

 

HEC said it will continue to make inroads in the Arab states to gain a competitive edge in the world’s construction market.

While maintaining its relations with the Middle Eastern countries, HEC will also take a look at newly emerging oil markets such as Nigeria, South Africa and Kazakhstan.

It has set a goal to win overseas construction and engineering orders worth some $3 billion per year to maintain its edge in the world markets. HEC has completed over 640 projects in 47 countries.



phk@koreatimes.co.kr



 

 

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