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Hyundai E&C bags $1.89b deal from UAE

Hyundai Engineering & Construction, South Korea’s top builder, said Wednesday that it has clinched a $1.89 billion contract to build facilities in an oil field in the United Arab Emirates.

Under the contract with state-owned Abu Dhabi Marine Operating Company on Monday, Hyundai E&C will build facilities on two artificial islands to gather and distribute crude oil produced in Sarb oilfield, 120 kilometers northwest of Abu Dhabi.

The South Korean builder also said it will build facilities on nearby Zirku Island to process crude oil to be distributed from Sarb oilfield and another oil field.

Hyundai E&C said it is scheduled to complete the turnkey project in 54 months after work begins.

The latest deal brings the total value of overseas orders won by Hyundai E&C to $3.15 billion this year. (Yonhap News)