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FINANCIAL NEWS
S Korea’s Hyosung inks USD233m Qatari substations contract
19 Dec 2011
(MENAFN) Hyosung Corp said that it inked a USD233 million deal through its affiliate, Hyosung Power & Industrial Systems Performance Group, to set up 8 electricity substations in Qatar, reported Emirates 24/7.
The South Korean firm added that its affiliate, a leading electrical equipment and industrial machinery provider, would be in charge for engineering and procurement for the project, in addition to the construction work.
It also said that Hyosung Power and Industrial Systems had previously signed a USD112 million deal to construct three 132-KV and two 66-KV substations in Qatar, which would be completed in 2012.
It is worth noting that under the new deal, Hyosung Power and Industrial Systems will establish six 220-kilovolt and two 66-kilovolt electrical transformer substations by the end of 2013.
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