Hyundai E&C global tops $100 billion

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Hyundai E&C global tops $100 billion

Hyundai Engineering and Construction said yesterday that its accumulated value of secured overseas construction projects has surpassed $100 billion, cementing its status as the country’s largest builder.

According to the company, its accumulated overseas projects reached $101.04 billion, following a $1.4 billion order on Friday to build a refinery plant in a South American country.

According to company data, its $101.04 billion accounts for 17 percent of all overseas projects won by all Korean builders. The next biggest overseas builder is Daewoo E&C, which has collected $48.5 billion from construction projects outside Korea.

Hyundai E&C was the first Korean builder to do business in foreign countries after it won a highway construction project from Thailand in 1965. The company so far has secured 781 projects in 55 countries.

By type, 30 percent of its secured projects were plant constructions, while 25 percent came from civil engineering projects and 24 percent were for electricity facilities.

More than 85 percent of its overseas projects have come from the Middle East and Asia, but Hyundai E&C said that it has been trying to get more projects from emerging markets.

The company said it is trying to find growth engines for the future, such as moving into areas like nuclear power, renewable energy and oil sands development. It is also preparing to enter into water-related businesses.

“We are currently reinforcing our R&D regarding our future business and step by step trying to secure original technologies and enhance design and engineering capabilities,” the company said in a statement.

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