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May 25, 2017

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Korea's Hyundai wins US$3.2 billion Saudi Arabia power plant bid: report

SEOUL -- South Korea's Hyundai Heavy Industries has won a US$3.2 billion order to build a thermal power plant in Saudi Arabia for state-run Saudi Electricity, a report said Tuesday.

The world's top shipbuilder by orders will build the 2.64-gigawatt power-generating plant over the next four years in Jeddah, Dow Jones Newswires said, citing a person with knowledge of the matter.

A Hyundai spokesman declined to comment on the report.

Hyundai, which builds ships, heavy machinery and plants, had set a target of US$24 billion in orders this year but had only won US$8.2 billion worth — excluding the reported Saudi deal — by the end of last month.

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