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HYUNDAI ENGINEERING-HYUNDAI E&C JV WINS $1.7 BN SAUDI GASPROCESSING PROJECT

A joint venture between South Korea’s Hyundai Engineering Co. and Hyundai Engineering &Construction Co. (Hyundai E&C) has clinched a 2 trillion won ($1.7 billion) deal from SaudiAramco to build a large-scale gas processing facility, the company said Tuesday.

The Saudi Arabia Jafurah Gas Processing Facilities Project involves building a facility thatprocesses gas produced from Jafurah fi eld and sulfur recovery unit. The joint venture will beresponsible for a package of sulfur recovery units and utility and off site facilities.

Hyundai Engineering owns 55 percent of the joint venture and Hyundai E&C remaining 45percent. SaudiAramco for their outstanding technical skills and project management capacity over other globalcandidates.

In 2016, the two Korean companies won a $2.9 billion deal from Kuwait Integrated PetroleumIndustries to build a liquefi ed natural gas (LNG) import terminal in Kuwait. They also won acontract for mega-size Karbala Refi nery Plant Project in Iraq.

Hyundai Engineering, meanwhile, has been putting out eff orts to win engineering, procurement,and construction (EPC) orders based on project processing experience and technologycompetitiveness in Front End Engineering Design (FEED) sector.

In 2019, the company won a deal to build the Polimery Police integrated chemical complex inPoland. In May, it also received a 2.7 trillion won order for Poland PKN Olefi ns Expansion Project.

Hyundai E&C has established close ties with Aramco after successfully carrying out two projectsin 2012 and 2019. Hyundai E&C completed a $1.4 billion Karan Gas Facilities Package in 2012 and$800 million Uthmaniyah Gas Processing Project in 2019. It is also engaged in $2.7 billion projectto build an oil and gas refi ning complex in Marjan in Saudi Arabia. The company is also involvedin 10 other projects worth $3.4 billion.

© Sour Oil and Gas Advanced Technology 2021