Korean builders could win an estimated US$7 billion worth of orders this month alone from the Middle East, North Africa and Southeast Asia, boding well for the construction industry. The only time so far that overseas orders topped $7 billion in the month of January was in 2010 due to an $18.6-billion nuclear power plant contract in the United Arab Emirates.
The International Contractors Association of Korea said accumulated orders so far this month stood at $3.6 billion as of Tuesday, way above the $2.42 billion in the same period last year.
Doosan Heavy Industries and Construction landed a contract to build a $1.5 billion coal-fired power generation plant in Vietnam, while STX Heavy Industries secured a $450 million order for a gas pipeline from Iraq.
Samsung Engineering, meanwhile, clinched a $310 million order from Saudi Arabia. More large-scale deals are set to be signed later this month.
Samsung Corporation, Hyundai Engineering and Construction, Daewoo International, GS Engineering and Construction and Daelim Industrial have been selected as preferred bidders to build five of six power generation plants in Algeria. The final choice will be made within the month. The total cost of that project is $3.34 billion.
Daelim is also on course to land additional orders from Saudi Arabia and the Philippines, while Hyundai is expected to clinch deals with the UAE and Indonesia.
The association said large plant construction orders placed on hold in the Middle East last year are set to be announced this year and total orders secured this year are expected to reach a record $72 billion.