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May 23, 2017

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S. Korea's Hyundai Engineering wins US$1.3 bil. Venezuela refinery order

SEOUL -- South Korea's Hyundai Engineering and Construction said Thursday it has won a US$1.348 billion order to expand and upgrade a Venezuelan oil refinery.

Hyundai said in a statement it would undertake the 42-month project, worth a total of US$2.99 billion, jointly with China's Wison Engineering.

It said the order for work at the Puerto La Cruz refinery came from state-run oil company Petroleos de Venezuela.

The South Korean firm has a US$10 billion target for overseas construction projects this year. As of June it had won US$4.3 billion worth of deals.

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