Hyundai E&C wins $200 million Saudi power-line deal
Hyundai Engineering & Construction (Hyundai E&C) signed a contract worth $199.4 million for the construction of power lines in Saudi Arabia’s northern region, embarking on the first overseas order of the year, Hyundai said Tuesday.
The contract involves the constructions of 380-kilovolt power lines that run 375 kilometers (233 miles) between the substations in Saudi’s northwestern city of Hail and Al Jouf, a province further north in the country.
The project is expected to take 22 months to complete and will likely be completed in October 2022.
“Despite the stagnation in the construction business due to the coronavirus pandemic, Hyundai won the order thanks to the company’s experience in Saudi Arabia and the networks built on technology and trust,” said a spokesperson for Hyundai E&C.
This comes after Hyundai E&C engaged in a number of overseas projects in 2020, which included the construction of a 25-kilometer monorail in Panama for its Metro Line 3 and the construction of Qatar’s Lusail towers. The company said it reaped $6.45 billion from the overseas deals that year.
Hyundai E&C entered the Saudi market in 1975 with its construction of an industrial port in Jubail, eastern Saudi Arabia. Since then, it completed orders for around 150 projects totaling $17 billion, developing power line construction into its competitive edge.
BY LEE JEE-YOUNG [firstname.lastname@example.org]