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[Sponsored Report] Reflecting its stellar quality, Hyosung wins Qatar project

Dec 29,2009
Hyosung Power & Industrial Systems Performance Group has demonstrated its commitment to quality and advanced technology once more in the Middle East region, where European companies have been dominant.

Yesterday, Hyosung announced it received an order for a total of five substations, worth $110 million, including three 132-kilovolt substations and two 66-kilovolt substations, on a turnkey basis from Qatar General Electricity & Water Corporation, or Kahramaa, under the phase nine expansion of the local electricity grid.

The turnkey, or EPC, contract includes all processes: planning, designing, materials purchases, and development. It is a value-added business that can only be undertaken by a company with proven advanced capabilities in all aspects of projects. Although Hyosung has received turnkey orders in Eastern Europe and Asia, this is its first major turnkey project in the Middle East, which is known to be demanding.

Kahramaa is known for its high standards among GCC countries and prefers equipment from market-leading suppliers. Siemens, ABB and Areva have shown a particular dominance in Kahramaa’s turnkey projects.

This achievement for Hyosung Power & Industrial Systems Performance Group has come thanks to its excellent products, supported by its outstanding supply record in the Middle East, its extensive experience in the overseas EPC construction market and its highly differentiated quality and services compared to global competitors.

Hyosung Power & Industrial Systems Performance Group Chief Cho Hyun-moon said upon winning the contract, “With its affluent natural resources and advanced financial system, Qatar’s importance is growing fast.” Cho added, “The new EPC orders from the Qatar market, which is now undertaking an expansion of their national power transmission system, will be a critical foundation for our expansion to the high-voltage EPC market not only in Qatar, but also elsewhere in the Middle East and North Africa.”

Earlier this year, in November, Hyosung received orders for 34 high-voltage power transformers including 17 high-voltage power transformers (765-kilovolt class) in India. Thanks to this aggressive performance, Hyosung now accounts for a 60-percent market share in high-voltage power transformers in India.

The high-voltage power transformer market in India is worth $1.3 billion. In particular, the market for high-value-added 765-kilovolt transformers is very attractive.

By Lee Ji-hyun [concordia@joongang.co.kr]


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