Hyundai E&C consortium gets Venezuela refinery project

A consortium led by Hyundai Engineering and Construction won a $2.3 billion order from Venezuela’s state-run oil company Pdvsa Petroleo to build a refinery and related facilities.

Hyundai E&C CEO Jung Soo-hyun and Pdvsa Petroleo’s Vice Commissioner Asdrubal Chavez attended the contract signing ceremony Wednesday. Hyundai E&C, the nation’s largest builder, will collect $1.4 billion with a 61 percent stake in the project, while Hyundai Engineering will have 26 percent and China’s Wison the remaining 13 percent.

The Batalla de Santa Ines refinery and a 40-kilometer highway will be built about 420 kilometers (260 miles) south of Caracas. It is expected to take 38 months to complete the plant, and 24 months to finish highway construction.

It is Hyundai E&C’s second major refinery project in Venezuela. Last year, it won a contract to upgrade the Puerto la Cruz refinery.

Hyundai E&C said it received support from the Korea-Venezuela Joint Committee on Energy and Mineral Resources.