October 18, 2012 11:10
Hyundai Heavy Industries has clinched a US$3.2 billion order to build a thermal power plant in Saudi Arabia.
Korea's leading shipbuilder signed a deal with the state-owned Saudi Electricity Corporation on Monday to build a 2,600-megawatt power plant in the coastal city of Jeddah. When finished, it will be able to produce 5 percent of the nation's electricity supply.
The deal represents a much-needed shot in the arm for Hyundai Heavy as it has been suffering from a slump in shipbuilding orders from Europe.
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