Monday, June 30th, 2014
SEOUL, KOREA - Hyundai Engineering & Construction said it won a large-scale order worth US$4.8 billion in Venezuela. Commissioned by Petroleos de Venezuela, S.A., the state-owned oil and natural gas company, the project calls for the expansion of refining capacity and renovation of production facilities. Hyundai E&C took the order jointly with China's Wison Engineering and Hyundai Engineering.
The share of Hyundai E&C is 72 percent ($3,469.4 million), with the remainder shared by Wison Engineering (10%) and Hyundai Engineering (18%). The project will involve retrofitting the capacity to produce higher value-added petrochemical products in the refinery, located in Puerto La Cruz, a city 250 kilometers east of the Venezuelan capital Caracas. The length of the construction will be 47 months.
Since the beginning of the year, Hyundai E&C has won a total of 6 billion in overseas orders, including the Chacao Channel bridge in Chile and the Karbala refinery project in Iraq. Its target overseas order volume for the year is $11 billion. At 9:01 am on June 30, the shares of Hyundai Engineering & Construction were traded at 56,400 won, up 1.81 percent (1,000 won) from the previous trading day.
Source : The Korea Economic Daily