Hyundai Electric wins heavy transformer deals in Saudi Arabia

Published: 11 May 2020 - 10:18 a.m.
By: Baset Asaba

Hyundai Electric and Energy Systems Co. said it has bagged two orders worth $28.6mn to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia's state oil company Saudi Aramco.

Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to $69mn, while the rest came from Saudi Aramco.

The latest contracts raised Hyundai Electric's deals in the oil-rich kingdom to more than $180mn in the January-April period, up more than triple from the same period last year.

Hyundai Electric was spun off from Hyundai Heavy Industries Co. in 2017.

Click here to add your comment

Please add your comment below
Your email address will not be published