One of Korea's biggest conglomerates
SK E&C, one of Korea's biggest conglomerates, is widely expanding its presence in the overseas markets. Thailand, Iran and Turkey are the countries where the company has received big-scale construction contracts this year.
SK E&C signed a 200 billion won petrochemical plant construction contract in Thailand. Only this month the company closed 2 big overseas plant construction contracts. This year's overseas business scope numbers 5,7 trillion won - 7 times higher than last year's figures.
On the 29th of August SK E&C announced that the company received a 210 million dollars (about 230 billion won) construction contract to build a petrochemical plant in Thailand. This is a project to build polyol plant with an annual capacity of 130,000 tons in the Hemaraj Industrial Complex, 150 km southeast of Bangkok. Polyol is the main component of polyurethane that is being widely used in construction and electronics. The Japanese consortium, a joint venture between Toyo Engineering and Mitsui Engineering & Shipbuilding, also bid on the project, but it has been announced that Korean SK E&C won the bid. The project is scheduled to be completed in 35 months.
Earlier this month, SK E&C won the bid for the 1.6 billion dollars (around 17 billion won) modernization project of the Tabriz oil refinery, which was ordered by Tabriz Oil Refining Company, a subsidiary of the Iranian biggest private energy company Parsian Oil & Gas. The refinery was built in 1976 and it is located to the northwest of Teheran. The project is scheduled to be completed within 36 months. It is the second overseas contract this month and fourth big project this year.
In March of this year, SK E&C and Daelim Industrial Company won a 790 billion won construction tender for the world's longest suspension bridge in Turkey, Chanakkale Bridge over the Dardanelles. The project covers about 2 km of the suspension bridge and around 100 km of the expressway. Turkish government announced earlier that a total number of 24 companies took part in the bid that Korean companies won. The same month the company succeeded in getting the business license for Iran's largest private power generation business worth 3,6 billion dollars (around 4 trillion won) after the international sanctions had been lifted in the country. The company is likely to build five power plants that will have a combined power generation capacity of 5,000 megawatts. The construction project is scheduled to be finished in 30 months. As of August, the amount of overseas business of the company totaled 5.767 trillion won.
SK E&C's senior vice chairman said, "SK Engineering & Construction, which celebrated its 40th anniversary this year, has won a large-scale overseas construction projects due to its confidence and technolog ies. We are going to put all efforts in trying to accumulate more profit in overseas markets by the end of this year " he said.