Hyundai Engineering signed a deal in Moscow on April 25 (local time) to design a $12 million methanol plant.
The order was issued by Russian private oil company Gaz Sintez. The project calls for the basic design of a 5,000-ton methanol production plant, utilities and auxiliary facilities in Visotsk, Russia, located 875 kilometers northwest of Moscow.
After carrying out the basic design for 13 months, Hyundai Engineering will finalize the EPC amount to carry out the EPC project. The EPC amount is estimated to be at least $1 billion.
The Russian owner, who gained high trust in Hyundai Engineering, which has experience in carrying out basic design and follow-up EPC in nearby Commonwealth of Independent States, has invited Hyundai Engineering to compete with leading global companies in Europe, the U.S. and Japan. Hyundai is said to have achieved a great achievement in winning the final contract.
Through this order, Hyundai Engineering will once again be recognized internationally for its excellent design technology and ability to carry out EPC business.
Analysts say that by winning plant projects in Europe and Russia, which have been difficult for Korean companies to participate in so far, Hyundai has garnered an opportunity to expand its business portfolio further.
"Since this project has been awarded based on high trust from owners, we will further enhance Hyundai Engineering's status by making the most of our basic design and business performance capabilities accumulated so far," a Hyundai Engineering official said.
