Hyundai E&C to build Panamanian monorail

Home > Business > Industry

print dictionary print

Hyundai E&C to build Panamanian monorail

테스트

A computer image of a monorail to be built in Panama. [HYUNDAI E&C]

Hyundai E&C has won a 3.3 trillion won ($2.8 billion) deal to build a 25-kilometer (15.5-mile) monorail in Panama, the company announced Wednesday.

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 [song.kyoungson@joongang.co.kr]

More in Industry

Are you Taycan to me?

Facebook hit with $6 million penalty for customer data leak

Spinoff to give LG chairman's uncle his own conglomerate

Lotte companies make appointments earlier than usual

Doosan Heavy becomes largest shareholder of Doosan Fuel Cell

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now