Hyundai Engineering "Secures Additional $360 Million Construction Contracts in Indonesia"
[Asia Economy Reporter Kim Yuri] Hyundai Engineering has succeeded in securing additional construction work for the 'Indonesia Balikpapan Refinery Project.'
Hyundai Engineering announced on the 27th that it has signed a contract worth a total of $360 million (approximately 437.4 billion KRW) to additionally install Sulfur Recovery Unit (SRU) and Hydrogen Manufacturing Unit (HMU) at the Balikpapan refinery currently underway in Indonesia. Of this, Hyundai Engineering's share is about $230 million (64.6%, approximately 279.45 billion KRW).
The sulfur recovery unit secured this time is a facility that recovers sulfur from hydrogen sulfide (H2S) generated during the crude oil refining process. The hydrogen manufacturing unit produces high-purity hydrogen and supplies it to the refinery facilities.
The company stated regarding this order, "It is an achievement that Hyundai Engineering was highly recognized for its technology and project management capabilities by the client Pertamina (PT PERTAMINA) of the ultra-large $4 billion Balikpapan refinery project, which was secured in September last year and is currently underway." It added, "By succeeding in this additional construction order following the Balikpapan refinery project, we have firmly established a high status in the Indonesian refinery and petrochemical plant market."
The Balikpapan refinery is located near Kalimantan, the planned site of Indonesia's new capital. Hyundai Engineering expects that this order will have a positive impact on securing additional projects related to the capital relocation.
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A Hyundai Engineering official said, "The Balikpapan refinery project will play a very important role in Hyundai Engineering's additional orders in Indonesia in connection with the capital relocation," and added, "Based on this order performance, we will carry out successful business operations to stand out not only in Indonesia but also in the Southeast Asian plant market."
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