Hyundai Engineering bags $90 mn gas processing plant deal in Russia

[Source: Hyundai Engineering Co.]

Hyundai Engineering Co. won a 100 billion won ($90 million) contract to construct gas processing plant in Russia, world’s largest natural gas producer.

The unit of Hyundai Motor Group enters an engineering, procurement, and construction (EPC) contract with Russia’s private oil and gas developer Novi Potok to build a gas processing plant in Buzuluk, a town in Orenburg Region, located about 1,500 kilometers (932 miles) southeast of Moscow.

The company will break ground for the plant this month for completion in 22 months.

It is the first EPC contract that the Korean constructor won in Russia.

Hyundai Engineering has been making strides in Russia. The company carried out a front-end engineering design (FEED) project for a methanol plant in 2019 and earlier this month signed an EPC pre-agreement.

The feat comes on the heels of its headway in Poland where it was chosen a preferred bidder for an olefin plant project.

On Monday, shares of its parent Hyundai Engineering and Construction Co. are trading flat at 55,600 won, as of 2:19 p.m. in Seoul. Hyundai Engineering is not listed.

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