Hyundai Engineering & Construction Co. (HDEC) has signed a contract with the Iranian state-run petrochemical firm Petropars to build a US$1.2 billion gas-processing plant at Assaluyeh industrial complex in southern Iran.
A company spokesman said on Monday that Hyundai will build the plant in coordination with Germany's Linde Group. The plant will have an annual production capacity of 1.2 million tons of ethylene when completed after four years. Hyundai is set to earn $567 million from the contract.
In March 2002, HDEC won orders from ENI Iran BV amounting to US$ 1.6 billion (some 1 trillion 620 billion KRW) for the construction of a plant. HDEC completed the 4th and 5th stages of the project in 35 months, a new world speed record in plant construction. A ceremony commemorating this remarkable feat was held on April 16.
Hyundai has so far this year contracted $2 billion worth of overseas orders.
© 2005 Mena Report (www.menareport.com)
