Hyundai E&C Hits Another Jackpot in Saudi Arabia
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Hyundai E&C Hits Another Jackpot in Saudi Arabia
Renowned builder wins $735 million gas plant project from Aramco on the heels of winning massive construction projects in Russia worth $5 billion to build two ammonia fertilizer plants

03(Sat), Dec, 2016

Headquarters Manager Ahn Seung-kyu of Hyundai E&C in charge of the Gas Plant Project Headquarters, right, shakes hands with Vice President Maji Mugla of Aramco, after signing an agreement on the right to build a gas plant in Saudi Arabia at the cost of $735 million by the Korean builder on Feb. 28 at Aramco’s head office in Riyadh, Saudi Arabia.(Photo: Hyundai E&C)

Hyundai Engineering and Construction said Sept. 4 that it has clinched a $735 million deal to build a gas plant in Saudi Arabia.

The builder said it received the order from Saudi oil company Aramco to build the plant by the end of 2019 about 325 kilometers east of Riyadh. 

Hyundai Engineering has been involved in a host of plant projects in Saudi Arabia.

A consortium led by Hyundai Engineering clinched a construction deal worth a total of 5.67 trillion won ($5.13 billion) in Russia, a Hyundai Engineering official said Sept. 4.

The consortium, which includes fellow affiliate Hyundai Engineering & Construction (E&C) and Japan's Toyo Engineering, signed the deal Sept. 3 with Russia's Nakhodka Mineral Fertilizers Factory to build fertilizer plants in Kozmino, Nakhodka.

Hyundai Engineering has a 50.3 percent share in the affiliate, while Hyundai E&C has 29.4 percent. The shares are worth $2.58 billion and $1.51 billion, respectively, while Tokyo Engineering has a 20.3 percent share worth $1.04 billion.

Under the deal, the three companies are expected to build two ammonia production plants with a combined daily capacity of 6,600 tons, two urea plants with a combined daily capacity of 6,000 tons and one methanol plant with a daily capacity of 3,000 tons.

The construction project is expected to take about 62 months in total.

Hyundai Engineering Co. announced on Apr. 20 that it held a groundbreaking ceremony for the Kandym gas processing plant in Uzbekistan on the 19th. The total amount of the project is $2.66 billion (3.01 trillion won) and Hyundai Engineering's portion is $2.01 billion (about 2.28 trillion won).

The ceremony was attended by Vice President of Hyundai Engineering Sung Sang-rok; Prime Minister of the Republic of Uzbekistan Shavkat Mirziyoyev; President of PJSC Lukoil Vagit Alekperov; and President of Lukoil Uzbekistan Operating Company (LUOC) Oleg Dyakonov.

The Kandym gas processing plant is to be built in the Kandym gas field, which is about 520 km southwest from Tashkent, the capital of Uzbekistan. Once the plant is completed, it will have an annual production capacity of 8.2 billion cubic meters, or 6.35 million tons, of natural gas. The figure accounts for 16 percent of 40.28 million tons of Korea’s total annual gas consumption as of 2013.

The order had been placed by LUOC, which is a joint venture between Russia's Lukoil, one of the largest oil refiners in the world, and UNG, Uzbekistan's state-run oil and gas company. Hyundai Engineering will deliver engineering, procurement, and construction (EPC) for the project, and the construction will end in the first half of 2019.

Hyundai Engineering obtained orders of front end engineering design (FEED) services for the Kandym gas field development in 2011. Based on this, the company won another project to build an early gas processing facility worth $420 million (475.65 billion won) in the same region in 2013, and the construction is in its final stage. Through successful project completion, Hyundai Engineering was able to win the Kandym gas processing plant project in 2014, and the formal contract was inked in February 2015.

A consortium of Hyundai Engineering & Construction Company and Dutch project management consultancy Royal HaskoningDHV won the contract to design 'the world’s largest maritime yard in Saudi Arabia. Opon completion, the maritime yard will have an impressive range of facilities including seven fully-equipped dry docks, two basins and five piers, a shiplift system, workshops, warehouses, utility services areas, as well as office buildings, living quarters, and recreational facilities for more than 10,000 workers.

The facility, to be located north of Jubail on the Arabian Gulf, is poised to become the largest maritime yard in the world providing a range of services including large shipbuilding, large ship repair, offshore rigs fabrication, and offshore support vessel repair.

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