Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
This file photo shows Hyundai Heavy Industries (HHI) shipyard in Ulsan, pictured on May 6, 2005. HHI is the world's top shipbuilder, but also constructs power and water plants/AFP

Kenya

Hyundai Heavy wins $3.3 bn power plant order in Saudi

SEOUL, August 5- South Korea’s Hyundai Heavy Industries (HHI) said Monday it had won a $3.3 billion order to build a steam power plant in Saudi Arabia.

Under the deal s

This file photo shows Hyundai Heavy Industries (HHI) shipyard in Ulsan, pictured on May 6, 2005. HHI is the world's top shipbuilder, but also constructs power and water plants/AFP

This file photo shows Hyundai Heavy Industries (HHI) shipyard in Ulsan, pictured on May 6, 2005. HHI is the world’s top shipbuilder, but also constructs power and water plants/AFP

igned on Sunday with Saudi Electricity Co., Hyundai will complete the massive facility with a production capacity of 2,640 megawatts by 2017, the company said in a statement.

The plant will be located 135 kilometres (85 miles) north of the southwestern Saudi city of Jizan, it said.

HHI is the world’s top shipbuilder, but also constructs power and water plants. In October last year, the company won a $3.2 billion order to build a thermal power plant near Jeddah.

“The Middle East region, despite the global slowdown, still invests heavily in infrastructure thanks to high oil prices and steady population and economic growth,” Hyundai said.

“We expect more orders in the future from the Saudi government, which puts a top priority on increasing power and water desalination capacity,” it added.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...