{"id":2201499,"date":"2023-06-27T08:00:15","date_gmt":"2023-06-26T23:00:15","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201499"},"modified":"2023-06-26T15:52:57","modified_gmt":"2023-06-26T06:52:57","slug":"saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/","title":{"rendered":"Saudi Arabia entrusts largest petrochemical complex to Hyundai Engineering"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Hyundai Engineering &amp; Construction Company has been awarded a <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230626033200002?section=search\"><span style=\"font-weight: 400;\">contract<\/span><\/a><span style=\"font-weight: 400;\"> to build Saudi Arabia\u2019s largest petrochemical complex, marking a promising revival of overseas contracts from the Middle East. The company announced on Saturday its agreement with Aramco, Saudi Arabia\u2019s public petroleum and natural gas company, to construct an ethylene production facility and utility infrastructure as part of the $5 billion Amiral petrochemical complex. Located in Jubail, the Amiral project is the most significant of its kind in the country and represents the seventh-largest overseas project won by a Korean company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The achievement resulted from an agreement reached at a bilateral summit between President Yoon Suk-yeol and Saudi Crown Prince Mohammed bin Salman in November last year. As a result of this new contract, Hyundai Engineering &amp; Construction\u2019s overseas construction orders exceeded the previous year\u2019s total of $12 billion, reaching $13.7 billion in the first half of this year alone.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Dear readers,<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">At KOREA PRO, we are committed to providing engaging and informative content tailored to our discerning audience. Recognizing the significance of your perspectives in enriching our offerings, we cordially extend an invitation for your participation in a brief <\/span><\/i><a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLScvzlZJxcMly2_rwvE0IkCy2sS_Vd9F_t7F0dJeUzDW4ropMw\/viewform\"><i><span style=\"font-weight: 400;\">5-minute survey<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. This opportunity allows us to capture your invaluable feedback and insights, which we greatly appreciate and consider integral to our ongoing commitment to service excellence.<\/span><\/i><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The announcement that Hyundai Engineering &amp; Construction Company would build Saudi Arabia\u2019s largest petrochemical resulted in a positive influence on the company\u2019s shares, which saw a surge of <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230626033200002?section=search\"><span style=\"font-weight: 400;\">over 15%<\/span><\/a><span style=\"font-weight: 400;\"> early on June 26. The Amiral petrochemical complex project, estimated at $5 billion, also reflects a crucial development in South Korea\u2019s global competitiveness of its construction industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This project also underscores South Korean companies\u2019 enthusiasm for participating in Saudi Arabia\u2019s booming construction sector. This interest aligns with Saudi Arabia\u2019s <\/span><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-aims-huge-new-downtown-riyadh-by-2030-2023-02-16\/\"><span style=\"font-weight: 400;\">plan<\/span><\/a><span style=\"font-weight: 400;\"> to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan. By securing this grand project, Hyundai Engineering &amp; Construction Company has placed itself at the forefront of this mega-project.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given the scale and complexity of the project, however, potential risks that Hyundai will face include cost overruns, delays and technical difficulties. Hyundai will need to manage a vast supply chain, handle a significant workforce and navigate potential logistical hurdles while grappling with economic headwinds that could impact the global demand for petrochemicals.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Hyundai Engineering &amp; Construction Company has been awarded a contract to build Saudi Arabia\u2019s largest petrochemical complex, marking a promising revival of overseas contracts from the Middle East. The company announced on Saturday its agreement with Aramco, Saudi Arabia\u2019s public petroleum and natural gas company, to construct an ethylene production facility and utility infrastructure as [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2201501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2201499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia entrusts largest petrochemical complex to Hyundai Engineering - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia entrusts largest petrochemical complex to Hyundai Engineering - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Hyundai Engineering &amp; Construction Company has been awarded a contract to build Saudi Arabia\u2019s largest petrochemical complex, marking a promising revival of overseas contracts from the Middle East. The company announced on Saturday its agreement with Aramco, Saudi Arabia\u2019s public petroleum and natural gas company, to construct an ethylene production facility and utility infrastructure as [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-26T23:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-26T06:52:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/06\/salman-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"Saudi Arabia entrusts largest petrochemical complex to Hyundai Engineering\",\"datePublished\":\"2023-06-26T23:00:15+00:00\",\"dateModified\":\"2023-06-26T06:52:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/\"},\"wordCount\":402,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/06\/saudi-arabia-entrusts-largest-petrochemical-complex-to-hyundai-engineering\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/salman-1.png\",\"keywords\":[\"Business &amp; 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