FINANCIAL NEWS

Hyundai Heavy wins $1.6b contract in Saudi Arabia

16 Jun 2010

(MENAFN) A statement released by Hyundai Heavy Industries Co. said that the world?s largest shipyard has won a $1.6 billion order from Dhuruma Electricity Co. to build a power plant in Saudi Arabia, Yonhap reported.

Hyundai Heavy will build a 1,729-megawatt power plant in Dhuruma, 125 kilometers (78 miles) west of Riyadh by March 2013, the Ulsan, South Korea-based company said in the statement.

South Korean companies may win a record $70 billion in overseas orders this year, according to government estimates, helped by demand from the Middle East. Saudi Arabia, the Arab world?s biggest economy, plans to increase generating capacity as its population grows and industrial demand for power rises.

Saudi Arabia plans to spend $80 billion to raise its capacity and transmission network in the next decade as demand increases to 65,000 megawatts in 2018.

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