Achieving enviable track records over past 66 years
Founded in 1947, Hyundai E&C has grown as the global top engineering and construction company, achieving enviable track records over the past 66 years. The company has been concentrating efforts on developing new technologies and human resources with diversified technical expertise, focusing on construction of plants, power plants, nuclear power plants, civil engineering works as well as buildings in Korea and other countries. In 2010, it set all-time record by exceeding 10 trillion won (approximately US$9.34 billion) in sales, the largest among construction companies in Korea. And in 2013, the company marked the US$100-billion milestone in the cumulative amount of overseas construction project orders, the first of its kind in the construction industry in Korea. In 2013 alone, it received construction project orders from foreign countries worth over US$10.9 billion, expanding overseas markets from the Middle East to Latin America and Africa. It aims at receiving overseas construction project orders in amount of over US$11 billion in this year with a goal of increasing proportion of overseas sales in total sales from 64% in this year to 70% in 2015.
During the past 66 years, Hyundai E&C constructed numerous major plants, power plants, buildings and bridges. It has built plants in areas of oil, gas, refinery and petrochemicals as well as offshore plants, liquefied natural gas (LNG) and gas-to-liquids (GTL) plants. In nuclear power plant area, it has constructed majority of power plants in Korea, including Kori nuclear power plant’s No. 1, 2, 3 and 4 reactors, Wolsong nuclear power plant’s No. 1 and 2 reactors, Hanbit nuclear power plant’s No. 1~6 reactors, Shin-Kori nuclear power plant’s No. 1 and 2 reactors, and reactor No. 1 and 2 of Korean Peninsula Energy Development Organization (KEDO)’s nuclear power generation facilities. It is currently building Shin-Kori nuclear power plant’s No. 3 and 4 reactors, and Shin-Uljin nuclear power plant’s No. 1 and 2 reactors. In addition, the company constructed a large number of roads, bridges and buildings in Korea, including Gyeongbu Expressway, Honam High-speed Railway, Machang Grand Bridge, Ulsan Grand Bridge, Amsa Bridge, and 256-meter-high Mok-dong Hyperion building.
In overseas markets, the company built the Pattani Narathiwat Highway in Thailand, Jubail Industrial Harbor in Saudi Arabia, Penang Bridge in Malaysia, and Jamuna Multipurpose Bridge in Bangladesh as well as 241-meter-high One Shentonway Condominium in Singapore, 338-meter-high Macau Tower in Macau, 255-meter-high Hoi Fan Road apartment in Hong Kong, and 262-meter-high Bitexco Financial Tower in Vietnam.
Currently, it is participating in many construction projects, including the Sheikh Jaber Al-Ahmad Al-Sabah Causeway Project, Boubyan Seaport Project Phase 1 Stage 2, Jurong Rock Cavern Phase 1, Lusail Expressway Package 1, Bello Wastewater Treatment Plant, Independent Water & Power Producer (IWPP) and Independent Power Producer (IPP) projects, and power plant projects in emerging markets such as Southeast Asia, Africa, Central and South America, and the Commonwealth of Independent States (CIS). Particularly, having received orders for thermal power plant and transmission line projects from General Electricity Company of Libya in total value of US$2.143 billion, Hyundai E&C is currently working on these projects. These projects include the 1,400MW Tripoli West Power Plant Project in value of US$1.242 billion, 1,400MW Al-Khaliz Power Plant Project worth US$647 million, 400KV transmission line project between Benghazi and Tubruq (470Km) worth US$140 million, and 400KV transmission line project between Sarir and Ajdabiya (375Km) worth US$114 million. Power plant projects in Libya are scheduled to be completed by February 2015 while transmission line projects are set to be completed by December 2014 and April 2014, respectively.
In recognition of these phenomenal achievements, the company ranked first in construction and material industry in the Dow Jones Sustainability Indices (DJSI) and ranked top in construction capability evaluation in 2013 for the fifth consecutive year.
Capitalizing on these capabilities and experiences, the company plans to enhance competitiveness in obtaining orders from overseas markets in this year by training experts specialized in new markets in Latin America, Africa and CIS, while training more experts and engineers in power plants, industrial plants and infrastructure projects in the Middle East. As part of its strategy of diversifying markets, the company will concentrate efforts on expanding its presence in Latin America where it already set up footholds. Last year, it received orders for a sewage treatment plant project from Colombia, an oil refinery project from Venezuela, and a combined-cycle power plant from Uruguay. And the company also has been exerting efforts on beefing up EPC (engineering, procurement and construction), FEED (front-end engineering and design), and PM/CM capabilities in overseas markets to take off as an ‘integrated value creator’ that can provide total service to customers.
At the same time, the company plans to increase involvement in new growth engines and eco-friendly operations, such as renewable energies, oil sand, carbon capture & storage (CCS), coal to liquids (CTL), synthetic natural gas (SNG), and Di-methyl ether (DME). To this end, it will increase R&D activities in new growth areas.