Korea's Hyundai Engineering and Construction, GS Engineering and Construction, and Hyundai Heavy Industries have won orders totaling $4.9 billion ($1=W1,268) to build natural gas facilities for Abu Dhabi Gas Industries in the United Arab Emirates. The contracts are part of the Abu Dhabi integrated gas development project which will build facilities in the UAE's Ruwais industrial complex and Habshan region, Hyundai E&C and GS E&C said Thursday. The $10 billion mega-project was divided into five sections for the bid. Hyundai E&C won an order worth $1.7 billion for the project's Section Three while GS won a $2.2 billion order for Section Four. HHI's contract for Section One at the same site amounts to $1 billion. Hyundai E&C will build natural gas storage, waste water treatment and power facilities in Habshan, some 140 km southeast of Abu Dhabi. The project is planned to be completed in 44 months. GS E&C formed a consortium with Petrofac of the UK to win an order for a refinery to be built in the Ruwais industrial complex. GS's stake in the contract is worth $1.2 billion, accounting for 55 percent of its total. The Abu Dhabi project is the third major construction deal won by Korean firms this year after a $4.7 billion project in Algeria and a $2.84 billion project in Saudi Arabia, said Dr. Park Jae-ryong at the Samsung Economic Research Institute. He noted that the wins may help improve the liquidity problems of domestic construction companies suffering the recession in the housing industry.
