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News // Companies

Hyundai Engineering wins contract worth $727 mln from Saudi Aramco

28 October 2016 , 14:12Neftegaz.RU1197

Hyundai Engineering & Construction obtained an order to build a gas treatment plant worth $727 million from Saudi Arabia’s state-run oil company Saudi Aramco, the company announced on October 28, 2016.

 

The plant, planned to be built in Usmania, 325 kilometers east of the capital Riyadh, will be used for separating and collecting natural gas liquids, such as ethane and propane, through a demethanizer from the 1.4 cubic feet of gas produced in the region, reported The Korea Herald.

Taking charge of the full process from engineering to construction, Hyundai E&C will complete the project by the end of 2019, it said.

 

The contract amount is equivalent to 4.36 % of the company’s total sales of late last year.

Ordered by Saudi Aramco, the constructor has previously built a similar facility worth $1.2 billion in 2012, and the other one worth $700 million in 2009.

 

Meanwhile, Hyundai E&C recorded a 4.1 rise in its operating profits in the third quarter.

The sales, however, dropped by 5.2 % . The net profit also witnessed a decrease of 16.8 %.

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