1 June 2005 - South Korea's Hyundai Engineering & Construction has won a $696m order to build a gas turbine combined-cycle power plant in the United Arab Emirates, the company said.
Construction of the 1200-megawatt power plant at the Jebel Ali power complex in Dubai is expected to take 35 months and be completed by April 2008, according to the company.
Added to the $1.1bn orders Hyundai had already won this year, the anticipated construction work in Dubai will boost the company's first half orders sheet to US$2.1 billion, exceeding its original target of US$2 billion for the entire year.
Hyundai CEO Lee Ji-song personally visited Dubai to help negotiate the deal. "Middle Eastern oil producers making sufficient money due to higher oil prices are likely to issue some $30bn in construction orders each year," Lee said. "Hyundai will make sure to stay on top as a leading builder of power plants," he added.
In 2002, Hyundai completed a $250m power plant at the Jebel Ali complex for the Dubai Electricity and Water Authority.