2020 RPME Top 30 EPC Contractors: Hyundai Engineering Co

Published: 27 April 2020 - 2 a.m.
By: Martin Menachery

In May 2019, Hyundai Engineering Co signed a contract for Polimery Police PDH/PP plant project in Poland with a size of $1,095mn. This contract marks the largest petrochemical plant construction project in Poland, and Korea’s biggest scale project won with a European Union (EU) member country, setting a new milestone in the Korean history of winning overseas projects.

The project is to construct polypropylene production facilities and infrastructure in the Police region, about 460km northwest of the Polish capital Warsaw. The construction period is 40 months. The finished plant will have the production capacity of 400,000 tonnes of polypropylene per year. The produced polypropylene is expected to be widely used in industrial fields such as automobile parts, artificial fibres and various kinds of necessities and contribute greatly to the economic development of Poland.

On the day before the ceremony, on 10 May, Hyundai Engineering Co also signed the Investment Cooperation Agreement (ICA) on the equity investment for this project with Korea Overseas Infrastructure & Urban Development Corporation (KIND) and PDA Polska SA, the order placing entity. This contract is recognised as a feat of Hyundai Engineering Co for successful case of demonstrating the competence of 'Overseas Construction Team Korea' through the synergistic effect of HEC's excellent marketing and technological efficiency with the government policy support by way of the equity investment of KIND. In addition, this winning of the project is remarkable in that it has diversified the business areas for Korean constructors based in the EU market from plants and office buildings to petrochemical plants.

In April 2018, Hyundai Engineering Co won a $273.2mn contract from Bangchak Corporation Public Company for the expansion of a refinery in Thailand. Under the terms of the EPC contract, Hyundai Engineering Co will be responsible for the construction of continuous catalyst regeneration reformers at the refinery in the Phra Khanong district of Bangkok. The company announced that the new facilities would allow the production of premium high-octane petrol at the refinery. Hyundai Engineering Co will also replace old hydrocracking units at the oil refinery to boost the daily capacity from 25,000 barrels to 27,500 barrels. BCP operates the Bangchack refinery, which has production capacity of 120,000 barrels per day of oil. The output is distributed to more than 1,000 service stations across the country. Bangchak refinery produces gasohol and diesel, meeting the Euro 4 standard. Earlier this year, Hyundai Engineering Co was awarded a $350mn deal to upgrade an oil refining unit in Malacca, Malaysia.

In March 2016, Hyundai Engineering Co was awarded the $3bn Al-Zour LNG import terminal project, the construction of a regasification facility in Al-Zour capable of liquefying 30bn M3 of natural gas a day, and eight 225,000M3 LNG storage tanks. Hyundai Engineering Co is responsible for building the regasification plant, Hyundai Engineering & Construction for the construction of the LNG storage tanks and marine facilities, and Korea Gas Corporation (KOGAS) for commissioning of the plant and training for the client. Of the $3bn, $1.39bn will be paid to Hyundai Engineering Co.

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