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Hyundai E&C-led consortium wins US$2.93 bln deal from Kuwait

All Headlines 09:50 March 07, 2016

SEOUL, March 7 (Yonhap) -- A South Korean consortium led by Hyundai Engineering & Construction Co. said Monday it has clinched a US$2.93 billion construction deal from Kuwait to build liquefied natural gas (LNG)-related facilities.

Under the deal with Kuwait National Petroleum Co., the consortium, which includes Hyundai Engineering Co. and state-run Korea Gas Corp., plans to construct re-gasification facilities and LNG tanks in Al-Zour, 90 kilometers south of the capital city.

Hyundai Engineering accounts for $1.39 billion of the deal, while Hyundai Engineering & Construction and Korea Gas take up $1.52 billion and $120 million, respectively.

Hyundai Engineering will be in charge of the re-gasification plants, while the construction firm will build the LNG tanks and coastal facilities.

The consortium said the project will be finished in 2020.

colin@yna.co.kr
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