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Hyundai Engineering Wins Us$1.5 Bln Saudi Alumina Refinery Order
Mar 13, 2012
Hyundai Engineering &
Construction Co. (KSE:000720), a leading South Korean builder,
said Monday that it has won a US$1.5 billion alumina refinery
order in Saudi Arabia.
The deal, awarded by Saudi Arabia's state-run Ma'aden
Bauxite Alumina Co. and U.S.-based Alcoa Inc., calls for the
building of a refinery that can process 1.8 million tons of the
aluminum by-product per year.
Construction of the plant located 90 kilometers northwest of
Jubail on the eastern coast of the Middle East country is to be
completed in 27 months. Alumina is used to make electronic
parts, heat resistant and grinding materials and catalyzers.
Hyundai Engineering & Construction said it will be
responsible for designing the refinery, purchasing components,
construction and pilot operations of the plant after
"We secured the order based on our proven track record in
the building of various energy and industrial plants," the
builder said. "The latest deal will further help Hyundai secure
building contracts in the future."
Hyundai Engineering & Construction, a subsidiary of Hyundai
Motor Group, secured only $4.7 billion worth of overseas orders
last year, placing it fifth among local construction companies.
The company, however, said it is aiming to win orders of around
$10 billion in 2012.