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)
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.