This captured image from Hyundai Engineering & Construction Co.’s homepage shows a gas processing facility that it built in Saudi Arabia. (Yonhap)
SEOUL, Sept. 10 (Korea Bizwire) — South Korean construction companies’ overseas orders increased 20 percent in the January-August period from a year earlier to exceed US$20 billion, industry data showed Sunday.
Local builders obtained $21.9 billion worth of overseas orders between January and August, up from $18.3 billion worth of deals in the same period last year, according to the International Contractors Association of Korea (ICAK).
It marks the first time that the builders have received overseas projects worth over $20 billion in the first eight months since 2018, when they won $20.4 billion, the ICAK data showed.
The stellar performance was helped by Hyundai Engineering & Construction Co.’s $5 billion deal in June with Saudi Arabia’s state oil firm Aramco to build a mega petrochemical plant in the Middle Eastern country.
Korean builders have attained overseas orders worth more than $30 billion each year since 2020.
Given the current trend, they appear to be on track to achieve the feat this year as well.
Yonhap
