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Hyundai Electric wins 35 bln-won deals from Saudi Arabia

All News 13:35 May 10, 2020

SEOUL, May 10 (Yonhap) -- Hyundai Electric and Energy Systems Co. said Sunday it has clinched two orders worth 35 billion won (US$28.6 million) to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia's state oil company Saudi Aramco.

Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to 23 billion won, while the rest came from Saudi Aramco.

The latest contracts raised Hyundai Electric's deals in the oil-rich kingdom to more than 60 billion won in the January-April period, up more than triple from the same period last year.

Hyundai Electric was spun off from Hyundai Heavy Industries Co. in 2017.

This photo, provided by Hyundai Electric & Energy Systems Co., shows a power transformer manufactured by the company. (PHOTO NOT FOR SALE) (Yonhap)


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