Korean firms win $3.9bn UAE deals
Seoul, July 19, 2009
South Korea's Hyundai Engineering, GS Engineering and Hyundai Heavy Industries have won a combined $3.9 billion order to build gas facilities in the Habshan region of the United Arab Emirates, the companies were quoted as saying.
Hyundai Engineering & Construction won a $1.7 billion gas plant order from Gasco, the company said in a statement. The construction project involves building facilities related to storage, wastewater treatment and power. It will take 44 months to finish the construction, a Korean Herald report quoting the company said.
GS Engineering & Construction, another Korean builder, also won a combined $2.2 billion order from Gasco to build gas facilities in the same region of the UAE. It has formed a consortium with UK-based energy firm Petrofac for the project. The facilities, when completed in 48 months, are going to separate the gases into ethane, propane and butane, the company said.
GS Engineering said it will participate in all construction processes ranging from the design to purchase to construction to test operation.
Hyundai Heavy Industries, the world's largest shipbuilder, won a $1 billion gas plant order in the same gas field in the country, the company said.
Out of the five gas facilities construction projects in the Habshan region, three have been awarded to Korean companies.