Hyundai E&C bags $3B oil refinery contract in VenezuelaHyundai Engineering & Construction, one of Korea’s top builders, said yesterday it has sealed a $2.99 billion contract to expand the output of an oil refinery in Venezuela.
The deal calls for expanding output at the Puerto La Cruz refinery run by the state-owned Petroleum of Venezuela, 250 kilometers (155 miles) east of Caracas, the builder said in a press release.
It added that Hyundai will update existing facilities so the refinery in the port city can produce more value-added goods for the market.
The expanded refinery is to be finished 42 months after work begins.
The company said the refinery order marks the first time it has entered the South American country and said it may lead to future business tie-ups.
China’s Wilson Engineering will also take part in the Puerto La Cruz construction work.
More in Industry
Stores in malls fear change to retail law
Big business recoils at new legal legislation
Hyundai Mobis has developed a hydrogen-powered forklift
Asiana adapts passenger plane to carry more cargo