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| TITLE |
Hyundai E&C diversifies portfolio |
| WRITER |
administrator |
DATE |
2013-08-20 16:16:18 |
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Hyundai Engineering & Construction (Hyundai E&C), the nation’s largest construction firm, has successfully diversified its business portfolio to maintain steady growth in the ever-uncertain global market.
Hyundai traditionally focused on civil engineering, but has added power plants and electricity supply networks in recent years. Its diversified business areas ensure that they will complement each other, said the company.
In plants, it has further expanded into oil, petrochemical, natural gas and smelting.
It recently won two major orders: the expansion of Puerto La Cruz Refinery in Venezuela in June last year worth $2.9 billion, and a power plant in Cote d’ Ivoire worth $250 million.
“By winning the order for the refinery, which we were relatively behind in, we have laid the foundation to expand in South America, as well as oil rich countries such as Kuwait and Iraq,” said a Hyundai spokesman.
Its biggest success recently in plants came in March last year when it completed a gas processing facility near the Karan Gas Field in Khursaniyah, Saudi Arabia. It processes natural gas harnessed from the fields, located offshore in the Arabian Gulf in Saudi Arabian waters.
Hyundai won the one of four packages, worth $1.4 billion, for the project from state-run oil company Saudi Aramco and started building it in March 2009.
The company said it was a “mega project” requiring 28,434 tons of steel, 1 million pipes and building housing for around 6,000 workers.
It built inner pumping facilities and three gas processing trains, completed within 12 months and 15 months, respectively, faster than other firms involved in the project.
“Throughout the three years of the project with 6,000 workers deployed daily, we had not a single accident,” said the company spokesman.
Hyundai’s big break in plant making came in 2005, when it completed a gas processor near the South Pars Gas Field in Iran. Worth $1.6 billion, and utilizing 18,300 workers daily, the construction giant finished the project in 35 months, a record for a project that size, according to the company.
“We became the contractor that many sought for gas processors after the success of the project,” said the Hyundai spokesman.
Located at the Assaluyeh Industrial Complex 1,500 kilometers south of Tehran, the facility processes 2 billion cubic feet of gas daily.
impale@koreatimes.co.kr,
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