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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Engineering & Construction has won a project to build a petrochemical complex worth 6.5 trillion won in Saudi Arabia, the largest amount in South Korea's construction industry.
The amount is equivalent to one-fifth of the foreign currency earned over the past 50 years since entering the Saudi construction market in the 1970s when Chung Joo-young was the late chairman. It left a new record in 'Middle East mythology'.
Hyundai Engineering & Construction announced on the 25th that it has signed a contract for a $5 billion Amiral petrochemical complex package 1 (ethylene production facility) with state-run oil and natural gas company Aramco on the 24th (local time).
Since its first entry into the Saudi construction market in 1975, Hyundai Engineering & Construction has carried out more than 170 construction projects there, worth about $23.2 billion, by June this year. This order amount accounts for 22% of the dollar earned in Saudi Arabia for half a century.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
