Hyundai Heavy Receives $1.6 Billion Order To Build Oil Plants For U.A.E

Order is worth $1.6 billion.

Seoul, South Korea (AP)- Hyundai Heavy Industries Co said Tuesday it has received an order to build three offshore oil production facilities in the United Arab Emirates worth $1.6 billion.

Hyundai Heavy, the world’s largest shipbuilder, said in a statement that the contract is the largest offshore oil project for a single company ever recorded in terms of value and scale.

The South Korean company said the contract is with the Abu Dhabi Marine Operating Co, a unit of state-run Abu Dhabi National Oil Co.

The facilities, scheduled for completion by 2010, are expected to produce 300,000 barrels of crude oil and 1 billion cubic feet of natural gas a day, Hyundai said.

Including the latest order, Hyundai Heavy said it has received total new orders worth $11 billion so far this year, exceeding its annual target of $10.8 billion.

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