Hyundai E&C to build Panamanian monorail
The project is the company’s first in Panama. It teamed up with Posco E&C and Hyundai Engineering to participate in the bid as a consortium, in which Hyundai E&C has 51 percent stake, Posco 29 percent and Hyundai Engineering 20 percent.
The project includes a 25-kilometer monorail - Panama Metro’s Line 3 connecting Panama City and regions to the west of the capital - as well as 14 monorail stations and one garage. Construction is expected to take four and a half years.
“According to the results of an open bid disclosed last November, our consortium received the highest scores in all sectors of technology, commerce and finance, finishing ahead of strong global competitors,” Hyundai E&C said in a statement. “The project will strengthen Hyundai’s foothold in the Latin American market.”
The company’s experience, including large-scale metro projects like the Daegu subway, and accumulated technology in the field were the company’s core strengths that separated it from the competition, Hyundai E&C said.
As Korea’s second-largest construction company by 2019 revenue, Hyundai has been aggressively pushing to win overseas bids. The Panama monorail adds to a steam power plant deal in Algeria, a sports center in Singapore and a 75-floor office building in Qatar - all of which were announced this year. The combined deals are worth 3.8 trillion won, Hyundai said.
The company hopes to raise 25.1 trillion won from overseas deals this year, a 3.5 percent increase from last year’s results.
BY SONG KYOUNG-SON [firstname.lastname@example.org]