Hyundai Engineering & Construction, contract on Oct. 30, 2023 to build a gas processing plant i
Hyundai Engineering & Construction, Hyundai Engineering Co., and Saudi Aramco signed a US$2.4 billion contract on Oct. 30, 2023 to build a gas processing plant in the Jafurah gas field. This news was released by the Presidential Office of Korea.
The contract was signed during a ceremony marking 50 years of construction cooperation between Korea and Saudi Arabia, with President Yoon Suk-Yeol in attendance. Yoon was on a four-day state visit to Saudi Arabia.
The Jafurah gas field is the largest liquid-rich shale gas play in the Middle East and is known to contain an estimated 200 trillion standard cubic feet of natural gas, according to Aramco.
South Korean President Yoon Suk Yeol gives a speech during a ceremony marking 50 years of construction cooperation between South Korea and Saudi Arabia at a Neom exhibition center in Riyadh on Oct. 23, 2023.
The latest contract brings to US$8.6 billion the total value of construction projects won by Korean firms in Saudi Arabia this year, the Presidential Office said.
The ceremony on October 29, held at a Neom Exhibition Center in Riyadh, marked the anniversary of Korea's first construction deal in Saudi Arabia, which was won by what is now SM Samwhan Corporation to build a highway connecting the cities of AlUla and Khaybar.
In a speech, President Yoon said that the two countries must open a new future in their infrastructure and economic cooperation in line with technological changes and the demands of the times.
Yoon also said that the two countries will be able to present a new model for future cities if they combine South Korea's capabilities to build cutting-edge cities with the Neom smart city project pushed by Saudi Arabia.
Meanwhile, South Korean Internet portal operator Naver signed a US$100 million contract with Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing to establish "Digital Twin" virtual reality spaces in five cities, including Riyadh and Mecca, to provide services in urban planning and management, and flood forecasting.
The ceremony also saw the signing of a memorandum of understanding (MOU) between Samsung C&T and Saudi Arabia's Public Investment Fund on forming a joint venture on modular construction, which will contribute to the Neom project, as well as the signing of an MOU between South Korean mobile carrier KT Corp., Hyundai Engineering & Construction, and Saudi Telecom on the establishment of data centers and other digital infrastructure.
According to the Public Relations sources at Hyundai Engineering, the company, established in 1974 and led by CEO Hyeon-Sung Hong, has evolved into a globally renowned company by offering optimal EPC services to customers worldwide. In addition, we aim to become a leader in creating a sustainable future for mankind by expanding our business to include green environment.
In line with new global trends such as carbon neutrality and strengthening ESG management, we are concentrating all our efforts to take on new challenges and to innovate.
While strengthening our position in our existing business areas, we are actively developing new businesses such as hydrogen production, CO2 utilization, MM R(Micro Modular Reactor), and waste management.
Hyundai Engineering is paving the way to create new possibilities and values by applying state-of-the-art, smart construction technologies onsite, such as AI, robotics, 3D scanning, and drones.
In addition, as a member of the Hyundai Motor Group, the company is cooperating and communicating closely with the diverse units of the group to accelerate sustainable growth for the company.
Through these efforts, Hyundai Engineering continues to build a “sustainable tomorrow.” The company wants to elevate the competitiveness of its diverse stakeholders based on trust and open communication, and actively invest in the development and advancement of eco-friendly technologies that will benefit the future. Moreover, the company vows to fulfill our social responsibilities through activities that show genuine care.
Hyundai Engineering will continue to do its best to become a Global Top-Tier company that leads the way to create a sustainable future.