Hyundai Engineering made an announcement on Sept. 10 that it signed a memorandum of understanding (MOU) on the "Sulfindo VCM & PVC extension project" and "Teunom hydroelectric power generation project" in Indonesia.
The project is to extend the existing plant of PT. Sulphindo Adiussaha, a petrochemical company located in Merak, western Indonesia.
When the contract is signed and construction is successful, the annual output of the VCM will increase from 120,000 tons to 370,000 tons and the PVC from 110,000 tons to 360,000 tons. It is also expected that the production of high value-added materials will be available through modernizing facilities.
Hyundai Engineering acquired a 290 billion won project to upgrade an oil refining plant in Thailand in April, gaining recognition for its technological prowess in Southeast Asia.
In addition, the Teunom hydroelectric power project refers to the construction of a hydroelectric plant in Indonesia's river in Aceh, which will conclude a detailed investigation with the local company, Terregra Asia Energy.
Hyundai Engineering also signed a joint development agreement (JDA) for the Pongkeru hydroelectric power project, which it is pushing with Korea Midland Power and POSCO Engineering & Construction.
"Based on the successful completion of the VCM factory in Indonesia in 2016, we are going to actively pursue Sulfindo project as a successful business model to help strengthen bilateral economic cooperation between the two countries," a Hyundai Engineering official said.
