LS signs contracts for a power grid in Kuwait

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LS signs contracts for a power grid in Kuwait

LS Cable & System secured a 112.5 billion ($96 million) won deal to install a power grid in the city of Al-Mutlaa, Kuwait, the company announced Tuesday.

Located about 40 kilometers (25 miles) from Kuwait City, the country’s capital, Al-Mutlaa is one of the nine locations where Kuwait is developing a national housing project to offer more government-subsidized homes.

Housing shortages have been a major cause of concern for the country. Its population has boomed, and people, especially younger people, must wait for up to 20 years to get a home.

LS will be in charge of supplying materials and constructing a 400-kilovolt high-voltage grid at Al-Mutlaa, which is around 1.5 times larger than Bundang, Gyeonggi.

“Kuwait has the largest average electricity consumption per capita in the world, and that’s still growing at an average 5 percent a year - its market potential for electricity is immense,” LS said.

The company has secured similar deals in Kuwait, Saudi Arabia, Qatar and Bahrain since the early 2000s and is now the No.1 provider of high-voltage power grids in Middle East markets.

“Mid-east countries have been delaying major investments in infrastructure due to falling oil prices and are increasingly prioritizing local companies - the recent deal is meaningful in that it was achieved under difficult circumstances,” said LS Cable & Systems Myung Roe-hyun.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]

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