Hyundai Heavy Wins USD 3.2 Billion Saudi Plant Order

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SOURCE Hyundai Heavy Industries | 16 October 2012

Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder and a leading industrial plant EPC contractor, announced today that the Company won a USD 3.2 billion order to build Jeddah South Thermal Power Plant from Saudi Electricity Company (SEC) in Saudi Arabia on October 15.

Hyundai Heavy, as the sole EPC contractor, will carry out the construction of the 2,640 MW oil-fired thermal power project on a turnkey basis including engineering, procurement, construction, commissioning, testing, and transferring at Jeddah, Saudi Arabia. Hyundai Heavy will introduce the supercritical boiler technology for the first time in Saudi Arabia to maximize the power efficiency of the plant, which is scheduled to be completed by 2017. Upon completion, the power plant will be able to produce enough electricity for about 2 million people or 5% of Saudi Arabia’s entire power generation capacity.

The signing ceremony was attended by HRH Prince Khaled Al-Faisal, governor of Makkah Province; Mr. Abdullah bin Abdul Rahman Al-Hossein, Minister of Water & Electricity; Dr. Saleh bin Hussein Al Awaji, chairman of SEC; Ali bin Saleh AlBarrak, SEC President & CEO and Mr. Lee Jai-seong, president and CEO of Hyundai Heavy Industries.

“In the midst of the global economic crisis, Hyundai Heavy’s independent technological expertise and competitiveness was once again acknowledged by winning this mega project as the sole EPC contractor. We expect the successful management of the power plant to serve as a stepping stone for Hyundai Heavy to emerge as a leading industrial plant EPC contractor,” said Mr. Lee Jai-seong.

The Ulsan, South Korea-based Company has completed or is building power and desalination projects generating 13,000 MW of power, worth about USD 10 billion in the Middle East.

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