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Tue 30 Nov 2010 11:25 AM

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South Korean firm signed $14.5m deal to build petrol stations

Seoul-based Halla Engineering and Construction Corp has signed a deal to build three petrol stations over the next nine months

South Korean firm signed $14.5m deal to build petrol stations
Seoul-based Halla Engineering and Construction Corporation has signed a deal to build petrol stations in the UAE. (ITP Images)\n

One of South Korea’s largest construction companies has signed a deal to build petrol stations in the UAE, it was reported on Tuesday.

Seoul-based Halla Engineering and Construction Corporation has been contracted to build three petrol stations in a deal worth around $14.5m, according to a report by The National.

Construction will take nine months to complete and is the latest in a series of deals between South Korea and the UAE.

In August, South Korea and the UAE agreed to cooperate on energy exploration and stockpiling of crude oil, while a South Korean consortium is to build the UAE’s first power stations.

Earlier this year, South Korea's imports from Middle East countries jumped 51.7 percent in the first five months of this year, compared to the same period last year.

The increase in imports saw South Korea purchase more oil and gas products to fuel its industries, the government said on Monday.

The country imported $34bn worth of products up until the end of May from countries including Saudi Arabia, Qatar and the UAE, news agency WAM reported.

Meanwhile, exports rose 17.4 percent to $10.7bn for a trade deficit of $23.3bn, the government added.

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