Hyundai signs $1.6bn Saudi power plant deal

By Shane McGinley
  • Thursday, 17 June 2010 12:15 PM
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POWER DEAL: The power plant, which is located 125km west of Riyadh, is expected to be completed by 2013. (Getty Images - for illustrative purposes only)

POWER DEAL: The power plant, which is located 125km west of Riyadh, is expected to be completed by 2013. (Getty Images - for illustrative purposes only)

Hyundai Heavy Industries, the world’s largest ship builder, has signed a $1.6bn contract for an independent power plant in Saudi Arabia, the South Korea-based company said on Wednesday.

HHI won the contract for the engineering, procurement and construction works at the Riyadh PP11 IPP project in Saudi Arabia from the Dhuruma Electricity Company, part of the Saudi Electricity Company.

The total cost of the project is estimated to be over $2bn and is part of the kingdom’s plans to expand its electricity output. The plant is expected to be completed by 2013.

"Middle Eastern countries continue to place orders for large power plants thanks to steady industrialisation and economic growth even amid the global financial crisis. This deal will help us greatly in winning more plant construction orders in the region," a Hyundai spokesperson told The Chosun Iibo Korean news agency.

Saudi Arabia is planning to invest $80bn in its electricity sector over the next decade.

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Hyundai Heavy Industries Company Limited

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