HDEC To Win
Record Overseas Projects

Company already close to $6.5 bln target for this year with huge orders in Middle East


Hyundai Engineering and Construction Co. continues with its winning form this year by clinching another Southeast Asian project, this time in Singapore.
The nation's largest builder said recently that it won a $220 million project from Hong Realty Co. to build part of the Livia Condominium complex at Par Ris Grove, consisting of 10 separate apartment buildings with 724 apartment units in 33 months.
The company said it beat both foreign and domestic rivals in winning the contract due to its superb expertise in building residential structures that it gained both at home and overseas.
It said its first project in Singapore was the Pulau Tekong reclamation project in 1981, followed by such mammoth projects as Changi International Airport, Suntec City and Marina Center -- altogether 57 projects both small and large worth $7.3 billion.
The company feels that it will continue to win construction projects in Singapore this year with the Khoo Teck Puat Hospital project worth $250 million already clinched,
along with smaller civil projects. The company won $750 million worth of construction projects in Singapore alone last year.
As of June, the company has won $5.1 billion worth of overseas projects so far this year, or $5.7 billion if Kuwait's Azur V project is included, which the company is certain to win. HDEC set its 2008 overseas project target at $6.5 billion, clinching around 80 percent of the goal halfway through the year.
As of May, with the award of a contract to build marine facilities at the new refinery at Mina Al-Zour in Kuwait, Hyundai Engineering & Construction has obtained 13 orders in 6 different countries including the recent award of a $2 billion power plant project and $980 million fertilizer plant project in Qatar.
HDEC received the contract worth around $1.12 billion to build the marine facilities of the new refinery from the state-owned Kuwait National Petroleum Company (KNPC) on May 11.
KNPC tendered this project in five packages to build the 615,000 barrels-a-day refinery at Mina Al-Zour about 50km south of Kuwait City. HDEC is expected to build high quality offshore facilities for loading crude oil. The refinery is to be completed by 2012.
HDEC has conducted numerous projects in the Middle East including the landmark project of the 20th century to build the Jubail Industrial Harbour in Saudi Arabia. With accumulated experience in this area, HDEC has earned a global reputation and is a symbol of advanced technology in the area of marine and harbor works. For this kind of project, HDEC already possesses similar experiences since it built the oil pier facilities of the refinery at Mina Al Ahmadi for KNPC in 2005. Through this project, HDEC has already presented its distinguished performance ability and superior technology to the world.
In the meantime, HDEC advanced into the Kuwaiti market with the Shuaiba Harbor Expansion Project in 1977. Ever since then, HDEC has carried out 54 successful projects, worth about $4 billion in contract value, including the recently commenced Shuaiba North Cogeneration Power & Distillation Plant.
In April, HDEC adjusted the goal of new orders received from overseas to $6.5 billion. Less than a month later, HDEC stands at over $5 billion in new overseas orders. At this startling pace, HDEC will have no difficulty in achieving not only the 2008 goal, but the largest amount of new orders received from overseas in the 61-year history of the company. nw

An oil pier built by Hyundai E&C in Kuwait.

President Lee Jong-soo of Hyundai Engineering and Construction Co.