Hyundai Engineering, in collaboration with Hyundai E&C, has secured a colossal project in Saudi Arabia worth US$2.3 billion for the expansion of a major gas plant.
On Oct. 23 (local time), at the NEOM Exhibition Hall in Riyadh, Saudi Arabia, during the 50th Anniversary Celebration of Korea-Saudi Construction Cooperation, both Hyundai Engineering and Hyundai E&C announced their signed agreement with Saudi Arabia’s state-run oil company, Aramco, concerning the Jafurah 2 Gas Plant Package. The contract for this mammoth project is valued at US$2.3 billion.
The project will be adjacent to the site of the Saudi Jafurah Gas Treatment Facility Project (Phase-1) that Hyundai Engineering and Hyundai E&C undertook in 2021. It encompasses facilities that process gas produced from the Jafurah gas field and additional infrastructure for sulfur recovery.
Their success in this endeavor is attributed to the strong partnership between Hyundai Engineering and Hyundai E&C. Together, they have previously executed significant projects like the Al-Zour LNG Import Terminal Project in Kuwait and the Karbala Refinery Project in Iraq.
In November 2022, they won the contract for S-Oil’s Shaheen Petrochemical Project (Package 1&2), which is the largest production facility in the history of the Korean petrochemical industry. The groundbreaking ceremony took place in March, with the goal to complete by 2026. Upon completion, it’s estimated to produce approximately 3.2 million tons of petrochemical products annually. Furthermore, in June, Hyundai Engineering and Hyundai E&C jointly secured the Amiral Petrochemical Project (PKG-1,4), which is the largest project ever secured by a Korean company in Saudi Arabia.
Hyundai Engineering’s footprint isn’t just confined to the Middle East and Southeast Asia. They have been expanding their presence as a global construction company, securing numerous projects in the U.S. and Europe. Last September, they secured the basic design service (FEED) for the Pine Bluff GTL Project in the U.S. Also, in June, they celebrated the inaugural production of polypropylene (PP) in the Police region of Poland.
A representative from Hyundai Engineering stated, “Securing the Jafurah expansion project is a testament to our world-class technical prowess and outstanding Engineering, Procurement, and Construction (EPC) capabilities. We are committed to successfully executing this project and establishing a robust position for future orders.”