FINANCIAL NEWS

Hyundai awarded USD3.2b Saudi power plant contract

18 Oct 2012

(MENAFN) Hyundai Heavy Industries announced that it has been awarded a USD3.2 billion contract to set up a 2,640-megawatt thermal power plant in Saudi Arabia, reported Emirates 24/7.

The South Korean firm said that the capacity of the plant, which will be located 20km south of Jeddah and near the Red Sea, equals 5 percent of the country’s total electricity supply.

The world’s largest shipmaker had set a target of USD24 billion in orders in 2012; however, it had only won USD8.2 billion worth of contracts by the end of September, excluding the latest Saudi contract.

Hyundai, amongst other South Korean shipbuilders, is trying to reinforce plant construction and other businesses, since demand is softening from European commercial shippers hit by the euro region crisis.

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