[Sponsored Report] Hanwha E&C winning building orders overseas
Hanwha E&C has been acknowledged for its EPC ability in overseas chemistry plant construction and received an order from Kuwait worth $220 million. Hanwha signed the contract with the country on March 14.
The contract was signed at Kuwait National Petroleum Company headquarters in Safat. Kim Hyun-chung, Hanwha E&C vice chairman and CEO, Assad Ahmad Al Saad, acting chairman and managing director of KNPC, and Hatem Al Awadhi, vice chairman of the KNPC’s DMD Project all participated in the signing.
This project will allow Hanwha to construct fire systems in three oil refineries (the MAA, MAB and SHU Refinery) and two office buildings near Kuwait City. Construction is scheduled for 30 months.
Hanwha E&C competed against some of the world’s biggest companies from Europe, like Ireland’s Kentz and Italy’s ABB and Saipem, but Hanwha won out because of its overall project processing ability in structuring, purchasing and technology.
Hanwha E&C currently has five projects ongoing, including the $751 million Marafiq development plant in Saudi Arabia and the Arzew refinery plant in Algeria. Recently it completed the Samra, Ma’aden power station in Saudi Arabia and has made itself known in the Middle East as an important player in construction.
Shin Wan-chul, vice president of Hanwha E&C commented, “Last year we successfully entered the Kuwaiti market by receiving an LPG plant order, and this new order from Kuwait gives the company the chance to be acknowledged for its EPC project ability.”
Hanwha E&C announced its goal this year of earning 7 trillion won in orders and 5 trillion won in sales by 2015 and to become one of the 100 major global construction companies by the same year.
To achieve this, the company has set up a strategy to advance in the chemical-upstream and investment-style-development business. It also plans on expanding solar energy and other renewable energy.
In addition, Hanwha E&C will try to secure 20 percent growth in overseas sales through 2015 to earn 3.5 trillion won in overseas orders and 2.3 trillion won in sales.