JEDDAH, 19 December 2007 — South Korea’s Hyundai Engineering Co. Ltd. (HEDC) said yesterday it had won an order to build a petrochemical plant in Saudi Arabia for about $210 million.
Under the deal, the unlisted unit of Hyundai Engineering and Construction Co. would build an ethyleneamines plant jointly with Hanwha Engineering & Construction Corp, another South Korean builder.
Separately, a published report said recently that Arabian Amines Company, a joint venture, has awarded an early works agreement on a complex in Jubail to Hanwha Engineering and Hyundai Engineering.
Under the terms of the lump-sum engineering, procurement and construction contract, the consortium will build the 27,000-ton-a-year ethylene amines complex over a period of 24 months.
The Hyundai and Hanwha team beat competition from CTCI of Taiwan, and a joint venture of Aker Kvaerner of Norway and Sinopec of China to win the deal, which is worth an estimated $200 million. Amines is an equal joint venture of Al-Zamil Group and Huntsman Corporation of the US.
Huntsman will license its technology for the plant and will be the exclusive sales and marketing agent for the venture’s output, much of which will be sold in Asia.
HDEC’s principal activities are contracting and development of power plants, submarine energy resources and offshore plants; operation of petrochemical plants and other industrial plants; construction of anti-pollution and sewage treatment facilities, among others.