Plant $30 Billion Order... Largest Achievement in 8 Years

25% Increase in Orders Last Year

Last year, plant orders exceeded the target of 30 billion dollars. This is the highest achievement since 2015.

The Ministry of Trade, Industry and Energy announced on the 8th that last year's total plant orders amounted to 30.23 billion dollars, achieving the initial target of 30 billion dollars. This figure represents an increase of 6.05 billion dollars (25.0%) compared to 24.18 billion dollars in 2022. It is also the largest amount in eight years since 36.47 billion dollars was recorded in 2015. The target was achieved by securing a 1.5 billion dollar floating liquefied natural gas production facility order from Canada on December 29, the last working day of last year.

An official from the Ministry of Trade, Industry and Energy explained, "This achievement owes much to the significant increase in orders from the Middle East region, following two rounds of Korea-Saudi Arabia summit economic diplomacy successes in November 2022 (Seoul) and October last year (Riyadh), which led to large-scale project contracts. Additionally, the increase in orders due to domestic companies localizing production in response to the U.S. Inflation Reduction Act (IRA) and the record-high export growth of equipment in new industries also contributed to reaching the target."

Hyundai Construction secured a 5.08 billion dollar order for the Saudi Amiral petrochemical plant, while Hyundai Construction and Hyundai Engineering jointly secured a 2.78 billion dollar order for the Jafurah gas plant.

Yang Byeong-nae, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, stated, "As the new Middle East boom is expected to fully materialize this year and demand in new industries such as decarbonization is anticipated to increase, we will do our best to strengthen the recent upward trend in our economy’s exports through active support for plant orders."

This content was produced with the assistance of AI translation services.