Monday 24 January 2022

Hyundai consortium wins $1.7bn Saudi gas project contract

RIYADH, December 1, 2021

Hyundai Engineering has clinched a super-large gas plant construction project worth about 2 trillion won ($1.7 billion) from Saudi Arabia’s state-run oil company Aramco, said a report.
The South Korean group won the Jafurah Gas Plant Utilities project contract along with its consortium Hyundai Engineering & Construction (Hyundai E&C), reported Business Korea.
The deal was signed by Kim Chang-hak, the President of Hyundai Engineering, and Abdulkarim A. Al-Ghamdi, Vice President of Saudi Aramco.
Hyundai Engineering holds a 55 per cent stake in the project, with Hyundai E&C taking the remaining 45 per cent.
The project involves building facilities for processing gas and sulphur recovery. The gas comes from the Jafurah gas field, which is located 150km southwest of Dammam.
The consortium is in charge of a sulphur recovery facility package and utility infrastructure.
The Korean engineering group had recently won a series of orders based on its competitiveness in front end engineering design (FEED) and project management experiences. In May, it won the Polish PKN Olefin Expansion Project worth 2.7 trillion won in addition to similar projects in Russia, US and Malaysia. 
A key partner of Aramco, Hyundai E&C had completed the $1.4 billion Karan Gas Processing Plant for Aramco in 2012.


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