Hyundai E&C wins $248m Saudi substation order
Seoul, August 7, 2014
Hyundai Engineering and Construction (Hyundai E&C), a leading construction company, has secured a $248 million substation building and refurbishment contract in Saudi Arabia, said a report.
The order placed by Saudi Electricity Company (SEC) calls for building a new 380-KV combined substation at the Jubail industrial complex. In addition, the builder will be tasked with refurbishing nearby substations, a Yonhap News Agency report said.
"The overall project is expected to take 27 months, with the completion date set for October 2016," the company said in a press release.
It said the new substation will be the largest such facility in the kingdom.
Riyadh is expected to invest $160 billion into power infrastructure building by 2023, which could raise business opportunities for companies such as Hyundai E&C, it said.
SEC placed the order as demand for electric power is expected to go up steadily in the coming years. The country's maximum electricity demand is estimated at 51.9 GW at present, but this is expected to surge to 85 GW by 2020 and 120 GW by 2030. –TradeArabia News Service