Hyundai Engineering says wins $727 mln deal from Saudi Aramco
28 Oct 2016 - 9:37
SEOUL/KHOBAR, Saudi Arabia: Hyundai Engineering and Construction has signed a contract to build a project for Saudi Aramco's Uthmaniyah plant for 833.10 billion won ($727 million), the South Korean company said on Friday.
Hyundai expects the contract to be completed by Nov. 26 2019, it said in a statement.
Sources told Reuters on Thursday that Hyundai had won the deal after offering discounts to build the gas treatment facility at Uthmaniyah.
Despite lower oil prices, Saudi Arabia is pressing ahead with investment, looking to gas to meet rising domestic demand.
The aim of the Uthmaniyah project is to recover ethane as well as propane and other natural gas liquids (NGL) from 1.4 billion standard cubic feet per day (scf/d) of sales gas.
Uthmaniyah is part of Ghawar, the world's largest onshore oilfield. The plant has a processing capacity of 2.5 billion scf/d.