Focus on Power Plant Orders

GS E&C sets targets on nuclear and general power plants overseas

GS Engineering and Construction Co. is focusing on new nuclear power plants and overseas power plants and environmental facilities this year.
GS E&C is also working on the Incheon Bay Tidal Power plant in addition to developing new technical products for future markets.
The builder is looking into smart grid, green home, low carbon transportation networks and renewable energy and is aiming to be the leader in green technologies. In order to realize green growth, it is setting up green infrastructure including means of measuring its own carbon footprint.
GS E&C is entering overseas civil engineering projects and is being awarded with large-scale overseas plant and government projects.
It plans to hire and train foreign specialists, develop new technologies and processes, thus strengthening its risk and project management.
For balanced growth, GS E&C plans to move into markets in Latin America and Africa.
The reason that GS E&C has been able to grow during these difficult times is substantial management and aggressive sales efforts.
The management structure has been transformed into an owner management structure with the naming of Hur Myung-Soo as CEO resulting in “External Growth through Substantial Management.”
A cash flow management structure has been established and risk management strengthened, resulting in higher financial security.
Innovative activities are ongoing to increase cost competitiveness, creating a base for better management of its finances.
Until the markets have stabilized, GS E&C is flexibly meeting liquidity challenges and continually executing and updating its plans.
The corporate organization has been slimmed while site-centric manpower deployment has been implemented to increase efficiency. Financial fat has been trimmed by reducing executive bonuses and pay.
Corporate brand value has been increased through a boost in orders and investments in future growth industries such as civil engineering, environment and overseas gas power plants.
GS E&C was awarded the US$3.1 billion UAE Abu Dhabi refinery project, the largest for the construction industry, in November 2009. GS E&C’s overseas orders now total $5 billion in the field of gasification alone. The company continues to win project after project in the Middle East region with confidence.
GS Engineering and Construction Co. has been making its presence felt in the Middle East by winning large plant construction projects in such countries as the United Arab Emirates and Oman. Last year, the company clinched a total of $6.75 billion worth of plant construction projects out of which $6.48 billion won worth of the project orders came from the Middle East.
Those projects include a green diesel production plant construction project in the Ruwais Region near Abu Dhabi valued at $1.13 billion, altogether four projects in the region. The project worth $2.2 billion that the company won in July last year involving the construction of plant facilities to separate natural gas is included. In November and December of last year, the company continued to win projects in the Ruwais region including the oil refinery expansion project worth $520 million, the residual fuel oil cracking center and the harbor facility construction project.
The company has been doing exceedingly well in neighboring Oman since entering the country’s plant construction market in 2004 when it won the order to build a polypropylene plant. Director Ahn, who is responsible for the company’s operations in the Middle East, said the company impressed and won the confidence of the local government officials with its highly sophisticated construction skills. nw

A view of a petrochemical plant built by GS E&C.

GS Engineering and Construction Co. CEO Huh Myung-Soo