Hyundai Electric Wins 35 Billion KRW Order for Ultra-High Voltage Power Equipment in Saudi Arabia

[Asia Economy Reporter Ki-min Lee] Hyundai Electric, a power equipment and energy solutions subsidiary of Hyundai Heavy Industries Group, has consecutively secured orders for power equipment in Saudi Arabia.

Hyundai Electric announced on the 10th that it recently signed ultra-high voltage power equipment supply contracts worth a total of 35 billion KRW, including 23 billion KRW from the Saudi Electricity Company (SEC) and 12 billion KRW from Aramco.

Under this contract, Hyundai Electric will supply power transformers and gas-insulated switchgear to the 380kV substation being constructed by SEC in the Rabigh area of western Saudi Arabia, as well as to the oil and gas production facilities of the offshore oil field project promoted by Aramco.

Hyundai Electric has secured orders exceeding 60 billion KRW in Saudi Arabia through April of this year, more than three times the amount compared to the same period last year. In particular, the backlog of orders from Aramco reached approximately 90 billion KRW as of the end of last month.

Hyundai Electric is the only company in Korea qualified to approve Aramco’s ultra-high voltage transformers and gas-insulated switchgear.

Additionally, after the completion of the Rabigh substation, SEC plans to connect it with a nearby city’s solar power plant. Aramco also plans to issue orders for the remaining construction of the Majan project. Accordingly, Hyundai Electric expects additional orders.

Meanwhile, Hyundai Electric recorded consolidated sales of 386.4 billion KRW and an operating profit of 4.3 billion KRW in the first quarter of this year, successfully returning to profitability after five quarters.