Company to build 5 substations by 2012, worth 130 billion KRW in total
MENA block likely to offer more orders for high-voltage EPC projects
Doha, Qatar - On April 13 (local time), Power & Industrial Systems PG of Hyosung signed a contract at Doha, Qatar with the country’s Kahramaa (power authorities) to finalize the order for the 130 billion KRW power grid project. The signing was attended by Hyosung P&IS PG President, Cho Hyeon-mun and Qatar’s Vice Prime Minister and the President of Kahramaa, Abdulla bin Hamad Al Attiyah.
The order in question was issued late last year as an EPC (engineering, procurement & construction) project, which includes a total of five substations (three 132kV substations, two 66kV substations, etc.) all connected as part of the nine-stage power grid expansion project in Qatar. Using the high value-added EPC method, which requires Hyosung to carry out and implement projects ranging from design to procurement to construction, the company will need to demonstrate its outstanding project implementation abilities across all areas. The substations to be built by our company are scheduled for completion by 2012.
This latest Qatar project is significant for our company, in that the deal has confirmed our status as a comprehensive EPC company, capable of delivering power materials and equipment/systems as well as a variety of turn-key implementation projects in power transmission and conversion.
Mr. Cho, the P&IS PG President, commented: “Hyosung continues to grow as a company that delivers the conventional transmission and conversion operations as well as carries out EPC projects in the Middle East, Africa, Europe, Russia and Central and South America.” “We envision ourselves leading the global industry by offering total solutions in future energy and plant sectors,” he added.
The Middle East power market has been growing as the global economy is showing signs of recovery and as the region is expanding its SOC facilities. Qatar, in particular, is rising as the region’s new industrial hub, boasting of its abundant resources and advanced financial systems.
The Qatari power market is notorious for its high demand for quality requirements. The EPC sector of the country has been dominated by SIEMENS, ABB, AREVA T&D and other European companies.
Using Hyosung’s independent technological power to secure orders in such an environment, full-fledged high-voltage EPC projects are expected to unfold in the MENA (Middle East and North Africa) region in the future.
