During the 50th Anniversary Celebration of Korea-Saudi Construction Cooperation, both Hyundai Engineering and Hyundai E&C announced that the Companies has signed agreement with Saudi Arabia’s state-run oil company, Aramco, concerning the Jafurah 2 Gas Plant Package.
The contract for this project is valued at US$2.3 billion.
The project will be adjacent to the site of the Saudi Jafurah Gas Treatment Facility Project (Phase-1) that Hyundai Engineering and Hyundai E&C undertook in 2021. It encompasses facilities that process gas produced from the Jafurah gas field and additional infrastructure for sulfur recovery.
In November 2022, the Companies won the contract for S-Oil’s Shaheen Petrochemical Project (Package 1&2), which is the largest production facility in the history of the Korean petrochemical industry. The groundbreaking ceremony took place in March, with the goal to complete by 2026. Upon completion, it’s estimated to produce approximately 3.2 million tons of petrochemical products annually. Furthermore, in June, Hyundai Engineering and Hyundai E&C jointly secured the Amiral Petrochemical Project (PKG-1,4), which is the largest project ever secured by a Korean company in Saudi Arabia.
