SEOUL, KOREA - Hyundai Engineering & Construction said on November 23 that it won a front-end engineering design (FEED) project for a petroleum cokes power plant commissioned by PDVSA, Venezuela's state-run oil company. This is the first time for a Korean contractor to land a "petcoke" design deal from Venezuela. The order volume is US$90 million and the contract will last for 12 months after setting out the construction.

 

PDVSA will build a power generation plant within the Orinoco oil belt based on petcoke, the by-product of oil, produced from the refineries in Carabobo and elsewhere. With the latest order winning, Hyundai is likely to win the main EPC (engineering, procurement, and construction) construction project worth $3 billion. Petcoke power plant building is a high value-added business that has been until now dominated by contractors from Europe and Japan.

 

Beginning with the winning of the first-stage project for the Puerto La Cruz Refinery in 2012, Hyundai E&C won again in 2013 for the Phase I project for the Santa Ines Refinery. This year, it clinched a deal for the Puerto La Cruz Refinery main package.

 

Article provided by The Korea Economic Daily